Glaxosmithkline Share News (GSK)

LONDON (Alliance News) - UK shares have opened mixed Tuesday with mid- and small-caps outperforming blue chips.

Just Eat leads FTSE 250 gainers, up a whopping 7.1%, after reporting strong profit and revenue growth in the first half of its financial year, driven by orders from mobile devices following the launch of its iPad app in the UK.

Hargreaves Lansdown leads FTSE 100 fallers after analysts at UBS initiated coverage with Sell and an 850 pence target price. Hargreaves Lansdown shares are off 3.7% at 1,041.00p early Tuesday.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.2% at 6,623.25
FTSE 250: up 0.1% at 15,481.79
AIM ALL-SHARE: up 0.1% at 754.09
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Hang Seng: marginally lower at 24,636.19
Nikkei 225: closed up 0.2% at 15,161.31
DJIA: closed up 0.1% at 16,569.98
S&P 500: closed up 0.3% at 1,936.92
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GBP-USD: down at USD1.6774
EUR-USD: down at USD1.3368

GOLD: up at USD1,308.59 per ounce
OIL (Brent): down at USD103.77 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Tuesday's Key Economic Events still to come
(all times British Summer Time)

09:00 Italy Consumer Price Index
10:00 Germany ZEW Survey
10:00 EU ZEW Survey
12:30 US NFIB Business Optimism Index
13:55 US Redbook index
16:30 US 4-Week Bill Auction
19:00 US Monthly Budget Statement
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Like-for-like sales in the UK were down 0.3% on year in July, the British Retail Consortium said. That was well shy of forecasts for an increase of 0.9% following the 0.8% contraction in June. Non-food sales were up 14.9% on year, and 2.4% over the last three months. Food sales dropped 3.5% over the previous three months.
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President Vladimir Putin said Monday that Russia was sending a humanitarian convoy to eastern Ukraine, prompting the EU to warn against unilateral military action. Putin told EU Commission President Jose Manuel Barroso in a telephone conversation that a convoy had been agreed with the International Committee of the Red Cross (ICRC), the Kremlin said. He made no mention of Russian peacekeepers. Barroso warned Putin in the phone call against taking "unilateral military actions in Ukraine, under any pretext, including humanitarian," according to a statement issued in Brussels. In a separate phone call with Ukrainian President Petro Poroshenko, Barroso said that the EU would announce further humanitarian support later this week.
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US President Barack Obama said Monday the naming of a new prime minister in Baghdad is a promising step forward in the effort to form a unifying Iraqi government. At the same time Obama ignored incumbent Nuri al-Maliki, the long-time Iraqi leader who for years enjoyed support from Washington. Obama said he called to congratulate Shiite politician Haidar al-Abadi after he was named prime minister-designate. He urged al-Abadi to name a new cabinet "that is inclusive of all Iraqis" as quickly as possible. Al-Maliki rejected the appointment of al-Abadi as unconstitutional. In a televised speech he said the decision would "have no effects" and vowed to continue with his own nomination. He accused the US of trying to overthrow him.
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Negotiations between Israeli and Palestinian officials to reach a comprehensive and lasting ceasefire agreement were set to resume Tuesday in Cairo, as a 72-hour truce was holding for a second day in Gaza. The two sides held indirect talks for nearly ten hours on Monday. The Israeli team was set to return to Cairo later Tuesday, after having briefed Prime Minister Benjamin Netanyahu. A senior Israeli government official denied reports that headway had been made at the Egyptian-brokered talks, telling Israel Radio and Channel 2 television that the gaps were wide and "no progress" had been made. Public radio reported that Israel has offered concessions that include: extending fishing zones in the waters off Gaza; narrowing a no-go security zone along the border; and allowing some 170 Palestinians a day to pass into Israeli territory through the Erez crossing for travel to the West Bank or Jordan.
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FRANCE JUNE CURRENT ACCT DEFICIT EUR3.1 BLN VS EUR3.3 BLN MAY
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Japan's industrial production declined more than initially estimated in June, final data from the Ministry of Economy, Trade and Industry showed. Industrial output slid 3.4% month-on-month in June compared to the initial estimate of 3.3% decline. At the same time, shipments dropped 1.9%, in line with preliminary estimate. On a yearly basis, industrial production advanced 3.1% in June.
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An experimental drug to treat Ebola is being sent to two doctors in Liberia who have contracted the deadly disease, government sources said. The White House and US Food and Drug Administration approved the request for sample doses of ZMapp, a serum being developed by California-based Mapp Biopharmaceutical, the Liberian government said on its website.
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BROKER RATING CHANGES
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CS RAISES RSA INSURANCE TO 'NEUTRAL' ('UNDERPERFORM') - TARGET 450 (400) PENCE
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UBS INITIATES HARGREAVES LANSDOWN WITH 'SELL' - TARGET 850 PENCE
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SOCGEN CUTS OPHIR ENERGY TO 'HOLD' ('BUY') - TARGET 230 (350) PENCE
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COMPANIES - FTSE 100
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BAE Systems PLC has won a GBP348 million contract from the British government to build three offshore patrol vessels, formalising a deal initially announced last year, Reuters reported. The vessels will be built at BAE's Clyde shipyards in Scotland, safeguarding around 800 jobs, and will be used in counter-terrorism, counter-piracy and anti-smuggling operations, the Ministry of Defence said.
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GlaxoSmithKline PLC is facing fresh allegations that it bribed doctors and officials in Syria to boost sales of its medicines, in the wake of recent accusations about corruption in its non-prescription business in the country, Reuters reported. Glaxo said on Monday it would investigate the new corruption claims, involving its own staff and local distributors, according to Reuters. It also said it has suspended relations with its Syrian distributors pending the results of the probe. The new accusations follow after a series of similar bribery claims made against the company in China, Iraq, Jordan, Lebanon and Poland.
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COMPANIES - FTSE 250
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Al Noor Hospitals Group PLC posted a big jump in pretax profit on the back of a rise in revenues, boosted by higher outpatient volumes and a rise in revenue-generating doctors in the period, and said it would pay an interim dividend to shareholders. The company, which operates medical surgical facilities in the United Arab Emirates, said pretax profit in the six months to June 30 rose 84% to USD45.6 million from USD24.8 million a year earlier. That came on the back of a 25% rise in revenue in the period to USD224.8 million from USD179.5 million last year. The jump in profit prompted the company to say it will pay an interim dividend of 3.7 pence per share. The company listed in London in June 2013.
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Serco Group PLC reported a poor first-half performance on lower contract wins as the company continues to face the fallout from recent government contract woes as the board again poaches from FTSE 100-listed Aggreko PLC to boost its senior management team, just months after CEO Rupert Soames took the helm, tasked with the revival of the business.  In its first-half results for the six months to June 30, Serco swung to a pretax loss of GBP7.3 million from a GBP106.1 million profit last year. Revenue also declined, down 5% to GBP2.02 billion from GBP2.11 billion in the comparable period. Serco also said it has appointed Aggreko CEO Angus Cockburn as group chief financial officer as from the end of October 2014.
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SIG PLC reported a fall in first half pretax profit as it was hit by a number of one-off items such as restructuring costs, goodwill impairment charges, and losses on the sales of its German roofing operations and of its Miller Pattison home energy-efficiency business. In a statement, the building products distributor said it made a GBP11.8 million pretax profit in the six months ended June 30, compared with GBP13.1 million in the corresponding period a year earlier. Revenue increased by GBP31.1 million to GBP1.31 billion, while operating expenses increased by GBP14.2 million to GBP328.2 million. On an underlying basis, which excludes other items, SIG reported a GBP41.5 million pretax profit, up from GBP33.6 million. Sig increased its interim dividend by 23% to 1.42 pence from 1.15p.
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Online takeaway food delivery service Just Eat PLC reported strong profit and revenue growth in the first half of its financial year, driven by orders from mobile devices following the launch of its iPad app in the UK. Just Eat, which floated on the London Stock Exchange earlier this year, reported pretax profit of GBP8.6 million for the six months to June 30, up from GBP3.1 million a year earlier, as revenue rose 58% to GBP69.8 million, up from GBP44.1 million in the first-half of 2013.
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Ladbrokes H1 Pretax Profit GBP27.7M Vs GBP55.1M; Net Revenue GBp577.8M Vs GBP563.0M; Maintains Interim Dividend At 4.3p Per Share;Says H1 Boosted By World Cup; Confident Of Meeting Full Year Expectations Assuming Normal H2
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IP Group PLC said that it committed GBP5.0 million to a GBP35.0 million private share placement conducted by portfolio company Oxford Nanopore Technologies Ltd, which resulting in a GBP17.8 million unrealised fair value gain for the FTSE 250 company. In a statement, IP Group, which works with universities to commercialise their intellectual property, said that its 19.9% stake in the spin-out company from the University of Oxford will be valued at GBP17.8 million following the completion of the financing round.
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COMPANIES - MAIN MARKET AND AIM
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Volution Group PLC said it expects results for its last financial year to be in line with expectations, as it reported an 18% increase in revenue in the period. In a trading update for the year ended July 31, the ventilation product supplier said revenue amounted to GBP121.0 million in the 12 month period. It said this was made up of 3.3% organic growth, helped by an increase in new-build residential systems sales in the UK, and 15% the result of acquisitions, including that of Pax in Sweden in August 2013. The integration of the more recent acquisition of InVENTer in Germany, in April 2014, is "progressing well, in line with the anticipated timetable."
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Speedy Hire PLC Tuesday said Finance Director Lynn Krige is to step down from her position as a date to be finalised. The company said Krige's departure had been mutually agreed and said a formal search process to identify a replacement has been started. In addition, the company briefly confirmed it is on track to deliver results in line with its expectations.
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Cyan Holdings PLC said it has signed a teaming agreement with GridSense Inc to jointly market smart grid products and services in India and other emerging regions that will enable utilities to accurately monitor energy distribution and consumption.
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Scancell Holdings PLC saw its shares boosted early on Tuesday after it released results showing animals treated with a combination of its SCIB1 product and PD-1 checkpoint inhibition showed enhanced tumour destruction and much longer survival times than when only one of the treatments was administered.
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cloudBuy PLC said it has won a contract to provide an eprocurement marketplace with an Australian state government, which it estimates could generate a fee of approximately AUD900,000 on a yearly basis which could in due course rise to a maximum of AUD7.2 million.
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Tuesday's Scheduled AGMs/EGMs

Global Lock Safety
GB Group
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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