Market Report: FTSE 100 retreats as UK employment tumbles

Headlines from the Proactive UK newsroom.

The FTSE100 was on the back foot as the new job numbers highlighted how business is suffering due to the pandemic. The blue chip-index shed 60 to 6,232.

People on UK payrolls fell by 649,000 between March and June, according to the government. People claiming a work-related benefit rose to 2.6mln.

Ladbrokes owner GVC Holdings(LON:GVC) dropped 6% as its income fell by a fifth in the quarter to June. Boss Kenny Alexander is also leaving after 13 years with the group.

Hipgnosis Songs (LON:SONG) has acquired the music catalogue of the songwriter behind Lady Gaga’s 'Poker Face’ and ‘Alejandro’ and platinum-selling singles for Nicki Minaj, Enrique Iglesias and Jennifer Lopez. Producer and songwriter RedOne has sold Hipgnosis all rights to his 337-song catalogue.

LoopUp Group PLC (LON:LOOP) saw business take off during the coronavirus lockdown period as people have had to carry out meetings remotely. Revenues, cash generated and underlying earnings this year will all beat expectations, said the online conference specialist.

Silence Therapeutics (LON:SLN) has enhanced its collaboration with drug developer Mallinckrodt. The US firm is licensing two additional assets that might ultimately generate royalties of US$1.4bn although the first milestone payment is only US$2mln.

Iconic Labs PLC (LON:ICON) will provide management services to the Irish business of JOE Media, which runs the number one online-only media platform in the country. The deal follows an agreement by Greencastle Capital to acquire Maximum Media Network Limited (MMN), through which JOE Media’s Irish business operates.


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