AstraZeneca, Filtronic and Provident Financial

“The FTSE100 opened in positive territory after falls on both Wall Street and in Asia. Traders are looking to German CPI and GDP data this morning, along with EU industrial production figures. This afternoon US retail and CPI figures will be in focus,” says AJ Bell Investment Director Russ Mould.

“Pharmaceutical giant AstraZeneca topped the blue-chip board in early trading following positive trial results of its lung cancer drug, Imfinzi. The randomised trial produced highly encouraging results for patients with stage three lung cancer for whom surgery was not an option. AstraZeneca will now start to work with regulators around the world to bring Imfinzi to patients as soon as possible. AstraZeneca’s shares were up by more than 4.1%. 

“Filtronic’s shares soared on its expectation that revenues and operating profits for the year ending 31 May will be ahead of market forecasts. The company, which is a world leader in the design and manufacture of a broad range of customised RF, microwave and millimetre wave components and systems, has seen better-than-expected trading in its wireless business although there has been some marginal, short-term weakness in trading in its broadband arm. Filtronic’s shares were up by over 28.7%.

“Provident Financial is on track after a first quarter performance in line with expectations. Vanquis Bank is making good progress in developing a range of initiatives to enhance its growth while Moneybarn continues to invest in its platform as well as developing its product offering and distribution. Both are trading in line with Provident Financial’s internal plans and making progress in delivering the initiatives to augment their medium-term growth. Provident Financial’s share were down 0.9% in early trading.” 

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