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(Alliance News) - AstraZeneca said its Covid-19 vaccine has been approved for emergency supply in the UK, with the first doses being released on Wednesday so that vaccinations may begin early in the New Year.
The FTSE 100 pharmaceutical firm said it aims to supply millions of doses in the first quarter as part of an agreement with the UK government to supply up to 100 million doses in total.
The vaccine, developed together with Oxford University, was authorised by the UK Medicines & Healthcare Products Regulatory Agency, recommending two doses administered with an interval of between four and 12 weeks. Clinical trials showed the vaccine to be safe and effective at preventing symptomatic Covid-19, with no severe cases and no hospitalisations more than 14 days after the second dose.
"Today is an important day for millions of people in the UK who will get access to this new vaccine. It has been shown to be effective, well-tolerated, simple to administer and is supplied by AstraZeneca at no profit," AstraZeneca Chief Executive Pascal Soriot said on Wednesday.
Added UK Secretary of State for Health & Social Care Matt Hancock: "This is a moment to celebrate British innovation - not only are we responsible for discovering the first treatment to reduce mortality for Covid-19, this vaccine will be made available to some of the poorest regions of the world at a low cost, helping protect countless people from this awful disease."
The AstraZeneca vaccine is the second to be approved in the UK. The Pfizer/Biontech vaccine was approved earlier in December.
AstraZeneca shares were up 1.5% early Wednesday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.1% at 6,607.56
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Hang Seng: up 2.2% at 27,141.97
Nikkei 225: closed down 0.5% at 27,444.17
DJIA: closed down 68.30 points, 0.2%, at 30,335.67
S&P 500: closed down 0.2% at 3,727.04
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GBP: up at USD1.3537 (USD1.3509)
EUR: up at USD1.2269 (USD1.2246)
Gold: down at USD1,879.34 per ounce (USD1,882.29)
Oil (Brent): up at USD51.36 a barrel (USD51.16)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come
0930 CET EU EuroCOIN indicator of euro area economic activity
0830 EST US goods trade balance
1000 EST US pending home sales index
1030 EST US EIA weekly petroleum status report
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More areas in England will be placed under the country's toughest coronavirus restrictions, Health Secretary Hancock is expected to tell the Commons on Wednesday, PA reports. Pressure mounted on the UK government to act as hospitals across England warned of increasing strains on services due to Covid-19 patient numbers, which have reached their highest levels during the pandemic, while 51,135 further cases and 414 deaths were reported on Tuesday. Local authorities in Essex have declared a "major incident" as the number of coronavirus cases threatens to overwhelm health services in the county. Ambulances were seen queueing outside hospitals including the Royal London Hospital in Whitechapel and Queen's Hospital in Romford, both in east London, and Queen Elizabeth Hospital, Birmingham, on Tuesday, and a junior doctor in the capital said his his hospital was "aggressively overstretched" by Covid-19 patients.
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UK Prime Minister Boris Johnson is expected to decide imminently on whether to keep secondary schools shut in order to try to reduce coronavirus transmission. Johnson is set to chair a key meeting on Wednesday looking at delaying the reopening of secondary schools, according to the Daily Telegraph. It comes amid growing concerns from unions and scientists about the spread of the virus following the discovery of its much more transmissible variant. London Mayor Sadiq Khan said he did not want to see schools closed or the education of children disrupted. Labour has called for UK Education Secretary Gavin Williamson to make a statement to MPs on Wednesday on the plan for schools and colleges.
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The UK will "open a new chapter in our national story", Johnson has claimed as MPs prepare to vote on his Brexit deal. On Wednesday, Parliament will be recalled to give its ruling on the trade agreement reached more than four years after the In/Out referendum in 2016. The EU (Future Relationship) Bill is expected to clear the Commons with the Conservatives and the majority of Labour MPs set to support it, although the SNP, the DUP, Plaid Cymru, the SDLP, Alliance and the Liberal Democrats have all indicated they will not vote for it.
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UK house prices surged in December to post their fastest growth in six years, according to the house price index from mortgage lender Nationwide. House prices jumped 7.3% year-on-year in December, accelerating from rises of 6.5% in November and 5.8% in October to achieve the highest annual growth rate since 2014. Month-on-month, house prices rose 0.8%, a touch slower than the 0.9% growth seen in November. The average UK house price stood at GBP230,920 in December versus GBP229,721 in November. House prices ended the year 5.3% above the level prevailing in March, when the pandemic struck the UK.
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BROKER RATING CHANGES
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none reported
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COMPANIES - FTSE 250
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Energean said it has agreed with Kerogen Investments, an affiliate of Kerogen Capital, for the acquisition of Kerogen's 30% shareholding in Energean Israel, which would result in Energean owning 100% of Israel unit share capital. A total consideration of between USD380 million and USD405 million, the Mediterranean-focussed gas exploration and production company said. Energean said the acquisition adds 2P reserves of 29.5 billion cubic metres of gas and 30 million barrels of liquids, representing 219 million barrels of oil equivalent in total, to the company. Taking a 100% interest in Energean Israel will enable Energean to fully control its capital structure, it said, enhancing its ability to maximise total shareholder returns.
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COMPANIES - MAIN MARKET AND AIM
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Exploration and development company Indus Gas reported a decline in pretax profit for the six months to the end of September to USD20.9 million from USD26.1 million a year earlier, as adjusted revenue declined to USD23.2 million from USD27.7 million. The company said its administrative expenses rose to USD586,360 from USD303,970 year-on-year. "While the pandemic has presented unprecedented operational challenges, the company remains focused on executing our strategy to maximize value for all of our stakeholders," said Chair Peter Cockburn.
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Wednesday's Shareholder Meetings
Quiz PLC - AGM
Corcel PLC - AGM
Nu-Oil & Gas PLC - AGM
Plexus Holdings PLC - AGM
Secure Property Development & Investment PLC - AGM
Eco (Atlantic) Oil & Gas Ltd - AGM
Gresham Technologies PLC - GM re incentive plan and remuneration policy
eEnergy Group PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
