Hammerson mulling sale of retail parks, AstraZeneca downbeat on Farxiga trial results

London open

The FTSE 100 is expected to open 26 points lower on Monday, having closed down 0.38% on Friday at 6,915.75.

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Shopping centre owner Hammerson confirmed it was in talks with Canadian private equity firm Brookfield on a possible sale of its retail parks. Brookfield will pay around £350m for seven retail parks, the Sunday Times reported. “There can be no certainty that a transaction will take place or the terms on which any transaction may occur. The company will provide a further update in due course, if appropriate,” Hammerson said on Monday in a statement.

AstraZeneca said a trial of its Farxiga drug for treating hospitalised Covid-19 patients did not produce statistically significant results. "The trial did not achieve statistical significance for the primary endpoint of prevention measuring organ dysfunction and all-cause mortality, and the primary endpoint of recovery measuring a change in clinical status (from early recovery to death), at 30 days," the company said.

Germany-focussed business park operator Sirius Real Estate said on Monday that its total annualised rent was 7.6% higher for the year ended 31 March, at €97.2m (£84.31m). The FTSE 250 company reported its seventh consecutive year of like-for-like rent roll growth of above 5%, with a 5.2% increase to €94.3m. Its cash collection rate stood at 98.2% for the 12 month period, and the firm’s total cash balances were around €65.5m at year-end, of which €49.1m was unrestricted.

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Optimism among business leaders is at a record high based on hopes that Britons will commence a multibillion-pound summer spending frenzy after being freed from lockdown. On the day that non-essential shops and other businesses in England reopened for the first time since January, three separate studies suggest that the bounceback in the economy could be broader and faster than previously expected. Small, medium and larger FTSE companies all reported improved sentiment, with only exporters – affected by Brexit as well as coronavirus – suffering a downturn in fortunes. - Guardian

David Cameron has broken his 30-day silence over lobbying ministers on behalf of the scandal-hit company Greensill Capital, accepting he should have acted differently and used only “the most formal channels”. Cameron, who was first contacted by the Financial Times in early March, said he had reflected on his conduct and that “important lessons” would be learned. The first formal request for comment was submitted to his office on 12 March and Cameron had since ignored all requests from national media. - Guardian

Hundreds of jobs are at risk at Bonmarché as administrators try to decide how many stores will reopen when Covid restrictions are lifted on Monday. The over-50s fashion chain, which was previously part of Philip Day’s stable of brands, went bust in October. Administrators at RSM have been reviewing the options for the estate during lockdown. Some or all of the remaining 148 stores may never reopen. - Telegraph

Senior staff are preparing to stage an exodus at Asda after receiving final payouts from a share scheme run by the grocer’s American owner. Industry sources and headhunters said that they had been contacted by several Asda executives looking to leave, with one saying that the level of inquiries was much higher than normal for the sector. - The Times

A small business that made educational kits to help youngsters to learn about technology secured £1.3 million in a funding round last June, almost £700,000 of which came from taxpayers via the government’s Future Fund. Nine months on, Tech Will Save Us, whose toys were gifted to children of key workers last year by the Duke and Duchess of Cambridge, is bust. The taxpayer stands to lose nearly £1.1 million once HM Revenue & Customs debts are factored in, while crowdfunding investors will lose £844,000. - The Times

US close

Wall Street stocks closed in positive territory on Friday, with the Dow Jones Industrial Average up 0.89% at 33,800.60.

The S&P 500 added 0.77% to 4,128.80, and the Nasdaq Composite was ahead 0.51% at 13,900.19.