Hikma Pharmaceuticals Share News (HIK)

LONDON (Alliance News) - It was a marginally higher start for London stocks on Wednesday ahead of the latest UK inflation data, helped by some positive company news."Some geopolitical worries continue to drag on the markets as Turkey announced that it will be issuing retaliatory tariffs on some US products (rice, alcohol, vehicles, etc), escalating the standoff between two erstwhile NATO allies," commented Artjom Hatsaturjants at Accendo Markets.Among those gaining in the FTSE 100 on Wednesday were Admiral and GlaxoSmithKline, while Hikma Pharmaceuticals was the standout performer in the FTSE 250.The FTSE 100 was up just 0.1%, or 4.95 points, at 7,616.59. The mid-cap FTSE 250 rose 0.2%, or 49.86 points, at 20,559.62 and the AIM All-Share was down 0.1% at 1,086.49.In Paris, the CAC 40 was up 0.2% while the DAX 30 in Frankfurt gained 0.3%. Markets in Italy are closed for the Assumption Day holiday, while markets in France and Germany remain open as those countries observe the holiday.In focus in the UK on Wednesday is the latest consumer price index reading for July, due at 0930 BST and seen edging up to an annual inflation rate of 2.5% from 2.4% in June. This comes after wage data on Tuesday showed a slowing of growth in average earnings, rising just 2.4% on year in the three months to June, from 2.5% the previous month."The more closely watched core inflation that strips out volatile goods such as booze, smokes and petrol looks set to remain unchanged at 1.9%," said Accendo's Hatsaturjants.Hatsaturjants continued: "This is significant because the Bank of England uses core inflation as one of the key factors in determining its interest rates. If inflation remains under the BoE's 2% target, it weakens the case for the Bank's future interest rate hikes. Thus, higher than expected core price growth could be good for FTSE Banks, but negative for Housebuilders."Sterling was quoted at USD1.2729 early Wednesday ahead of the CPI data, marginally lower than USD1.2736 at the London equities close on Tuesday.At the top of the FTSE 100 was insurer Admiral, gaining 1.9%. Pretax profit rose 9% to GBP211 million in the first half of the year from GBP193 million a year prior, as net revenue also increased 9% to GBP600 million from GBP550 million.The company lifted its interim dividend 7% to 60.0p per share - representing an ordinary payout of 40.8p and a special dividend of 19.2p - from 56.0p last year.Underwriting profit grew to GBP93.4 million from GBP88.9 million, while the group's combined ratio improved to 87.4% from 90.0% last year. A score under 100% indicates profitable underwriting.GlaxoSmithKline rose 1.0% after the drugmaker said ViiV Healthcare - its HIV treatment joint venture - saw its Atlas study meet its primary endpoint.Phase 3 of the study - for a long-acting, injectable two-drug regimen for the treatment of HIV - showed long-acting cabotegravir and rilpivirine, injected once a month, had similar efficacy to a standard of care, daily, oral three-drug regimen at Week 48.The injectable treatment regimen met the primary endpoint for non-inferiority, Glaxo said. Overall safety, virologic response and drug resistance results for the injectable regimen were consistent with results from the phase II Latte and Latte-2 studies.Royal Bank of Scotland was up 0.6% after reaching a settlement with the US Department of Justice over past conduct and confirming its first dividend payment in 10 years as a result.Hikma Pharmaceuticals was the best performing mid-cap stock, climbing 8.7% as a better-than-expected outturn for the first half saw it raise its annual guidance for two units.Hikma said revenue rose 11% over the first half of the year, to USD989 million, as pretax profit climbed to USD141 million from USD100 million.Chief Executive Siggi Olafsson said he was "pleased" with the performance, which exceeded expectations, allowing the company to raise its guidance for both the Injectables and Generics businesses for the full-year."The measures we have taken and investments we have made across the group over the past year are delivering results, but we still have work to do. Our markets are competitive and we don't expect the same demand for some of our injectable products to continue into 2019," Olafsson noted.Hikma now expects Injectables revenue to be between USD775 million to USD825 million, with Generics revenue to be between USD600 million to USD650 million.At the time of its annual results, released in March 2018, Hikma said Injectables revenue was to be between USD750 million to USD800 million, and Generics between USD550 million to USD600 million.Pub operator Mitchells & Butlers rose 3.2% after HSBC lifted its rating on the mid-cap stock to Buy from Hold.Support services firm Balfour Beatty gained 1.0% as it said revenue for the first half fell to GBP3.84 billion from GBP4.20 billion, but pretax profit increased more than four-fold to GBP50 million from GBP12 million.While revenue fell, the company said, gross profit increased and overheads declined, resulting in improved profitability.Leo Quinn, chief executive, said: "All our businesses are now either achieving industry standard margins or on track to do so in the second half. The disciplines installed under Build to Last are also enabling us to increase the order book.""Given the strength of our balance sheet and the board's confidence that the group's full year earnings will meet expectations, we are raising the interim dividend by 33% and plan to repay the outstanding convertible bonds this year."The company raised its dividend to 1.6p from 1.2p.In Asia on Wednesday, the Japanese Nikkei 225 index closed down 0.7%. In China, the Shanghai Composite ended 2.1% lower, while the Hang Seng index in Hong Kong is down 1.6% in late trade.In the economic calendar on Wednesday, besides UK inflation data, are US MBA mortgage applications at 1200 BST with retail sales at 1330 BST and second quarter nonfarm productivity due at the same time.