Phoenix Group delivers record H1 performance, AstraZeneca's Enhertu meets primary and secondary endpoints of new trial

Stocks to watch

Insurer Phoenix Group said on Monday that it had delivered a record first-half performance, leading the group to up its interim dividend.

Phoenix stated it had recorded "strong" cash generation of £950.0m in the six months ended 30 June, up from £872.0m a year earlier, and said it was now confident of hitting the top-end of its full-year guidance of £1.3bn-£1.4bn. The FTSE 100-listed also declared an interim dividend of 24.8p per share, equal to its 2021 final dividend and an increase of 3% year-on-year.

Drugmaker AstraZeneca said on Monday that positive high-level results from a new trial of its Enhertu breast cancer drug had demonstrating a "statistically significant and clinically meaningful improvement" in progression-free survival.

AstraZeneca stated the DESTINY-Breast02 Phase III trial on Enhertu, jointly developed and commercialised with Daiichi Sankyo, also met the key secondary endpoint of improved overall survival.

Newspaper round-up

Amazon could be off the hook for tax in the UK for at least two more years after benefiting from reliefs brought in by Rishi Sunak during the pandemic, a report suggests. The research from the Fair Tax Foundation indicates that the US tech company claimed more than £800.0m in capital allowances – business expenses that can be offset against profits – in 2021, £500.0m more than in 2020. – Guardian

Saudi Arabia's largely state-owned energy firm has highlighted the colossal profits made by gas and oil-rich nations during the energy crisis by revealing profits in the three months to the end of June up 90% to $48.0bn. Saudi Aramco recorded what is believed to be one of the largest quarterly profits in history to easily beat the near $26.0bn it made a year earlier. – Guardian

Pub, restaurant and hotel chiefs have warned the industry could face mass closure this winter without "urgent" support from the Government. In a joint letter to Boris Johnson, Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng, seen by The Telegraph, the UK's leading hospitality groups said the situation was "no less of a threat" than the drought hitting Britain. – Telegraph

Nine in 10 employees at the Bank of England were handed bonuses last year even as inflation soared beyond its 2% target. A total of 4,263 workers, accounting for about 90% of its workforce, received a bonus last year, disclosures show. The highest payouts were between £15,000 and £20,000, with 34 members of staff getting rewards in this range. – Telegraph

Short-sellers have ramped up bets against Victoria, a carpetmaker with a royal warrant, after a critical report from an activist investor. The proportion of Victoria shares on loan, a proxy measure of the scale of short -selling, has risen from less than 1% at the start of the year to 12% last week, according to figures from S&P Global. The average is 0.18%. – The Times

US close

Wall Street stocks closed sharply higher on Monday as major indices recorded a winning week.

At the close, the Dow Jones Industrial Average was up 1.27% at 33,761.05, while the S&P 500 was 1.73% stronger at 4,280.15 and the Nasdaq Composite saw out the session 2.09% firmer at 13,047.19.

Reporting by Iain Gilbert at Sharecast.com