BTG Share News (BTG)

LONDON (Alliance News) - Stock prices in London are seen opening marginally higher on Friday amid weakness in the pound, as Tesco delivered a strong first-quarter performance buoyed by its Booker acquisition. IG futures indicate the FTSE 100 index is to open 14.41 points higher at 7,780.20. The blue chip index closed up 0.6% at 7,765.79 on Thursday. In early UK corporate news, Tesco said its growth plans remain on track after the supermarket chain delivered positive like-for-like sales growth for a tenth straight quarter.For the first quarter ending May 26, group like-for-like sales growth accelerated to 1.8% compared to 1.0% in the first quarter last year. UK & ROI like-for-like sales growth was 3.5%, compared to 2.2% a year prior.The company said the performance improved through the quarter, which included Easter, recovering from the UK cold snap experienced in March.Tesco also said it gained positive trading momentum from its acquisition of wholesaler Booker Group, which delivered like-for-like sales growth of 14.3% including tobacco and 12.4% growth excluding tobacco, driven by a strong underlying performance and new business wins."Our growth plans are on track, and we are pleased with the momentum in the business. We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions. We are delighted with initial progress on Booker, and are focused on delivering the synergy benefits that our merger brings," said Chief Executive Dave Lewis. Rolls-Royce Holdings, which is holding its capital markets day on Friday, gave details on its restructuring plan, as the jet engine maker said it is well-placed to now exceed annual free cash flow of GBP1 billion by 2020. The group also reiterated its mid-term ambition to generate through-cycle cash flow return on invested capital of 15%.Rolls-Royce said it expects to incur an additional GBP100 million cash costs on Trent 1000 C and B engine issues for 2018. "We have, however, successfully enacted a number of short-term discretionary cost mitigation actions separate to, and outside of, the proposed restructuring plan, which we expect to offset these incremental costs," the company said. As such, Rolls-Royce left its 2018 free cash flow guidance unchanged at around GBP450 million. Midcap healthcare firm BTG said the US Food & Drug Administration's Anesthesiology & Respiratory Therapy Devices panel voted against approval of its Elevair emphysema treatment. BTG said the panel's non-binding recommendation is to be considered by the FDA in its ongoing review, which is expected to conclude by late summer 2018. BTG added that it will work with the FDA to address concerns about Elevair raised by the panel.US President Donald Trump on Thursday approved tariffs on USD50 billion worth of Chinese imports, the Wall Street Journal reported, a move against which China will likely retaliate.Trump is expected to announce the list of goods subject to the 25% tariffs on Friday.According to sources quoted by the Journal, Trump approved the tariffs following a meeting Thursday with top White House officials. It is unclear when the tariffs will take effect.The moves comes as EU countries on Thursday approved a set of retaliatory tariffs on US imports as the bloc moves ahead on its promise to respond to US steel and aluminium tariffs, EU sources told dpa.EU countries gave the green light to a list of products proposed by the European Commission to be hit with tariffs that includes US goods such as peanuts, orange juice, motorcycles and whiskey.The initial tariffs will hit US products that are worth up to EUR2.80 billion (USD3.26 billion), the commission said.Sterling was lower quoted at USD1.3234 against USD1.3341 at the London equities close Thursday. In domestic political news, UK Prime Minister Theresa May is facing another parliamentary bust-up over her flagship Brexit legislation after a compromise designed to keep critics in her own party on board was denounced as "unacceptable" by Tory Remainers.The move was branded "sneaky" by one backbencher while another senior pro-EU Tory said the wording of a Government amendment was changed at the last minute to deny MPs the chance of blocking a "no deal" Brexit.A senior minister was forced to deny having lied to pro-EU Conservatives about the plan, which was signed off by the prime minister.Peers are to vote on Monday on a proposal to give MPs the power to dictate the government's response if it fails to reach a deal with Brussels as a potentially bloody round of "parliamentary ping-pong" gets under way.The Japanese Nikkei 225 index ended up 0.5%. In China, the Shanghai Composite is down 0.7%, while the Hang Seng index in Hong Kong is down 0.1%.The Bank of Japan decided on Friday to keep its current policy of aggressive monetary easing measures to overcome deflation and stimulate the world's third-largest economy.Months after Shinzo Abe took office as premier in December 2012, the bank launched a monetary easing campaign to achieve an inflation target of 2% within two years. But inflation rates have been far off the goal, amid stagnant wages and falling oil prices.The bank said inflation is in the range of 0.5% to 1.0% with inflation expectations "more or less unchanged."The Bank of Japan's decision comes two days after the US Federal Reserve raised its benchmark interest rate to a range of 1.75% to 2%.On Thursday, the European Central Bank announced plans to exit its monthly bond-buying scheme by the end of this year.