Eaga puts in day’s top performance
Nov 22 2007 by Graeme King, The Journal
AIM listed Angel Biotechnology announced that the company’s founder Stuart Duncan and fellow director Sir Peter Brown have stepped down from the board.
Executive chairman Dr Paul Harper said: “I shall miss the support of two directors who each brought a unique set of skills to the board table.”
This announcement follows Tuesday’s news that the Medicines and Healthcare products Regulatory Agency has extended Angel Biotechnology’s licence for the manufacture of investigational medical products for a further two years. Angel Biotechnology’s share price was marked lower by 7.8% to close the business day at 0.175p.
Investment house ABN Amro released a ‘Sell’ recommendation on Northgate with a price target of 650p.
Northgate is a commercial vehicle rental business with a focus on the UK and Spanish markets.
The broker noted that the Spanish market is more competitive than other markets in Continental Europe. However, ABN Amro also stated that Northgate’s expansion into Europe was positive for the longer term. Northgate’s share price moved lower by 55p to close at 730p.
GlaxoSmithKline confirmed it is to acquire Reliant Pharmaceuticals for £800m. Reliant is a specialist pharmaceutical company with a focus on cardiovascular treatments. One of Reliant’s key drugs is Lovaza, a treatment for high triglycerides, a type of fat found in blood, in adults.
GSK believes that the drug has good growth potential in its core market. The company expects that the acquisition will be completed by the year end. GSK’s share price moved marginally lower on the day by 9p to close at 1160p.
Top performance in the regional portfolio was recorded by local support services company eaga, where we act as broker. The group’s share price closed 3.4% up at 165.75p.
Anthony Peart is an assistant director of the Wise Speke division of Brewin Dolphin Ltd.
