Shares in biotech firm Oxford BioDynamics (OBD) soared as the firm launched its ‘highly accurate’ prostate cancer test in the UK and the US.

The AIM-listed group jumped 156.5pc, or 16.35p, to 26.8p after announcing it has brought forward the launch of the test to coincide with Prostate Cancer Awareness month.

It means men being screened for prostate cancer will be able to access the test, which was shown earlier this year to be 94pc accurate. This was much higher than the blood test used by the NHS and doctors elsewhere, which has an accuracy rating of around 55pc.

OBD said the test will offer an alternative for patients to the more invasive procedures to confirm a cancer diagnosis such as a prostate biopsy, which can carry health risks.

The announcement followed results from a study in February which showed the prostate cancer test had ‘significant potential’ to accurately and rapidly deliver results for patients and doctors. The company added that the test will be available immediately to both US and UK patients, with results initially being processed through its American facility.

It said it expected to be able to process tests from its lab in Oxford early next year, shortening waiting times for results.

‘There is a clear need in everyday clinical practice for a much more accurate blood test that can screen men for prostate cancer and accurately identify those at risk, while sparing those who up to now would be subject to unnecessary, expensive, and invasive procedures,’ said OBD boss Jon Burrows. ‘It feels wholly appropriate that the early launch of the test coincides with Prostate Cancer Awareness month.’

With concerns about the global economy and outlook for interest rates still on traders’ minds, the wider stock market struggled for direction, with the FTSE 100 inching up 0.02pc, or 1.73 points, to 7625.72 and the FTSE 250 falling 0.4pc, or 78.66 points, to 18336.65.

Shares in RS Group jumped 5.5pc, or 39p, to 749p on speculation it has attracted takeover interest. The rise valued the FTSE 100 firm, which distributes electrical products and components, at almost £3.4bn.

Analysts at Morgan Stanley gave Barclays a lift by upgrading the stock to ‘overweight’ from ‘equal-weight’ and raised the target price to 230p from 190p. Shares gained 3.9pc, or 6.04p, to 159.68p.

But wealth manager Close Brothers went the other way after annual profits more than halved. They fell 52pc to £112m in the 12 months to the end of July.

The company was hit by high provisions at troubled lending arm Novitas and lower income from trading division Winterflood. Shares lost 1.9pc, or 16p, to 836.5p.

There was some much-needed respite for Ladbrokes and Coral owner Entain following a hefty sell-off in the previous session. Having fallen 13pc on Monday after warning that tough online gaming rules and a string of punter-friendly football results were taking their toll, the stock edged up 3.2pc, or 29.4p, to 947.4p yesterday.

Hygiene and beauty group PZ Cussons, the maker of Imperial Leather and Carex, reported a 10.7pc rise in annual revenues to £656.3m but profits dipped 4.2pc to £61.8m. It said trading since the start of the new financial year in June ‘has been in line with expectations’. Shares dropped 5.1pc, or 8.2p, to 151.8p.

Van rental firm Redde Northgate said demand continued to outstrip supply in the UK and Ireland as it made a strong start to the financial year. The update came ahead of its AGM, which saw more than 13pc of investors rebel over pay. Shares added 1.5pc, or 5p, to 339.5p.

AstraZeneca shares rose after a positive trial of a drug for a common type of breast cancer.

The study found datopotamab deruxtecan showed a ‘statistically significant and clinically meaningful’ improvement in slowing the progression of the cancer when compared with other treatments.

The study will continue to see if the drug – known as Dato-DXd – can help patients live longer than those who get chemotherapy.

It is hoped the drug, which AstraZeneca is developing alongside Japan’s Daiichi Sankyo, will become a best-seller for the British pharmaceutical giant.

AstraZeneca shares rose 1.5 per cent, or 160p, to 11046p.

The results of the trial will be particularly welcome to the company and its long-serving boss Sir Pascal Soriot as the same drug is also being tested for lung cancer.

However, disappointing results from a separate trial of the drug for lung cancer sent the shares tumbling in July.

AstraZeneca shares also took a knock earlier this month when the Mail on Sunday revealed Soriot has told friends he is considering leaving the company as soon as next year.

With investors still digesting the Bank of England’s decision to freeze interest rates at 5.25 per cent on Thursday, the FTSE 100 index rose 0.07 per cent, or 5.29 points, to 7683.9 while the FTSE 250 fell 0.2 per cent, or 31.7 points, to 18606.8.

While many analysts believe interest rates have now peaked following 14 rises since December 2021, the first cut is not expected until well into next year, with the profile more resembling Table Mountain than Mount Everest.

That means rates will remain at the peak for some time rather than falling quickly following the string of hikes.

Ocado continued its rollercoaster ride with gains of 6.7 per cent, or 43.4p, to 691.2p just a day after it plunged 20 per cent – in what was its worst day on the stock market for 11 years.

The sell-off on Thursday was triggered by a brutal downgrade by analysts at BNP Paribas Exane who said the recent share price rally meant the stock ‘seems now to be out of kilter again’.

UK-based investment firm Zegona Communications is in talks with Vodafone regarding the potential acquisition of the telecom giant’s Spanish business.

According to reports in Madrid, the bid could value the unit at more than £4billion. Vodafone shares fell 0.04 per cent, or 0.03p, to 81p.

Next was given the seal of approval by observers in the City following upbeat results this week. Analysts at JP Morgan raised the target price on Next shares to 7500p from 7300p while UBS increased its target to 7250p from 6850p. But Next shares dipped, dropping 0.7 per cent, or 52p, to 7298p. Hargreaves Lansdown was also in favour among analysts with RBC raising its target price to 900p from 875p. The stock rose 1.7 per cent, or 13.4p, to 825p.

Chemicals group Croda International has hired a new chairman to replace Anita Frew, who has held the position since 2014.

Danuta Gray, who is chairman of Direct Line and a non-executive at Burberry, will join Croda in February and officially take over at the AGM in April. Croda shares rose 1.1 per cent, or 54p, to 4935p.

There was also a shake-up at catering giant Compass, with Gary Green stepping down as chief operating officer for North America after 40 years with the company. Chief financial officer Palmer Brown will take over, with Petros Parras, the finance director for Europe and the Middle East, succeeding him.

Green said he was ‘honoured’ to have led the business in North America. He will step down at the end of November.

Compass shares fell 1.4 per cent, or 29p, to 2017p.

Construction group Henry Boot saw profits decline in the first half of the year despite a growth in revenue, as uncertainty in the housing market increased.

The business saw a 24.5 per cent increase in revenue year-on-year to £179.8million, in the six months to 30 June.

However, underlying profit fell to £23.3million from £37.8million over the same time period, with the group saying that ‘uncertainty in our markets has increased’.

The Sheffield-based company’s revenue growth was partly boosted by strong property sales of £129.3million which was led by land promotion, development and housebuilding business, despite weakening markets.

Tim Roberts, its chief executive officer, said: ‘The first half of the year has seen our markets slow as interest rates have continued to rise, but, as these results show, our focus on prime strategic sites, high quality development and premium homes has provided us with a degree of resilience. 

‘This has helped us to report a very respectable underlying profit before tax of £23.3m, an increase in NAV of 3 per cent, plus the confidence to grow our interim dividend by 10 per cent.’

Sentiment on housebuilders has been hit as rising interest rates have significantly impacted the housing market, with City forecasters saying the Bank of England’s base rate could peak as high as 6.25 per cent as it tries to bring inflation to heel. 

Roberts added: ‘Whilst uncertainty in our markets has increased, we believe we have enough momentum to carry us through the year, although the outlook for 2024 for the time being is not so clear. 

‘However, we have conviction in our three markets which are driven by structural trends and I am pleased to report that we remain on track to hit our strategic growth and return targets over the medium term.’

Earlier this month, Britain’s largest home builder Barratt Developments revealed a slump in demand driven by the mortgage crunch, with new home reservations sliding by a third.

The housebuilder’s annual results revealed an increase in its pre-tax profits and revenue but it flagged that new home reservations had tumbled since July from an average of 0.6 homes per week to 0.42 homes per week.

For property hunters with limited cash to splash, a quirky houseboat in New York has hit the market for just $250,000. 

The floating one-bedroom abode – which is also on Airbnb at a rate of $149 per night – is currently docked at a marina close to Rockaway Beach in Queens and around an hour’s drive to Manhattan.

Photos of the unique structure reveal its eclectic interiors, with everything from fishing rods to surfboards attached to the ceilings, and a hoard of other maritime-themed objects can be seen on display. 

The property listing on ZeroDown explains that although the boat – called the James Franco – dates from 1968 and ‘has some age… the hull is in good shape and it’s dry down below.’

On the lower level the boat serves up a full kitchen, a cozy living room, and a separate sitting room with space for an office. 

Moving up a deck, there is a bedroom with French doors which open out on to a huge roof deck ‘that is perfect for entertaining or to simply soak up the view and gorgeous sunsets.’

The listing states that the boat would make for a great ‘summer beach pad.’

Alternatively, it could be seen as an investment ‘for a very profitable Airbnb rental.’

The property currently has a 4.68 rating out of 5 on Airbnb.

One traveler who stayed there in July wrote: ‘We had a lovely time on the houseboat! 

‘It was very charming, sun soaked, and comfortable to spend time on. It’s a short walk / drive to a great surf spot as well.’

Another fan added: ‘The James Franco is absolutely magical! 

‘I feel so lucky to have experienced the funky décor and vibes of the boat, peaceful environment of the marina and the convenience to the train and the beach – both within a few blocks! 

‘It’s very well priced for such a unique space and perfect for those who are up for an adventure and want to explore New York in a new way.’ 

In terms of location, the sale listing states that the boat is docked at Marina 59, which is ‘open all year round with a few year-round residents.’ 

There is currently a wait list for the slip, but the new owner can takeover the rental agreement after purchasing the boat. 

Although the boat does not move, it can be towed to other marinas. 

When it comes to local attractions, the boat is two blocks away from a train station and it is ‘close to surf breaks, shops and restaurants.’

Meanwhile, the bay the boat bobs on makes for a top boating and fishing spot.  

The proportion of homes on the market which have had their prices slashed is at its highest level in more than ten years.

More than a third of properties (36.3 per cent) currently for sale have had at least one price reduction – the highest figure since January 2011 – according to property website Rightmove.

The average size of the price cut is also the highest since 2011 at 6.2 per cent.

When this reduction is applied to the average asking price, at £366,281 in September, this equates to a typical price cut of £22,709, Rightmove revealed.

But Rightmove said there are signs of activity starting to pick up, with the number of new properties coming to market jumping by 12 per cent in the first week of September.

‘It’s been a slower than usual August, so all eyes will be on market activity over the next few weeks, which will set the trend for the rest of the year,’ Tim Bannister, Rightmove’s director of property science, said.

Rolls-Royce is finally closing in on pre-lockdown levels as its stellar run this year continues.

The FTSE 100 jet engine maker’s stock has more than doubled so far in 2023 and rose another 0.7 per cent, or 1.6p, to 227.4p yesterday.

That put shares within a whisker of the 240p they were trading at in February 2020, shortly before the UK went into lockdown.

Its recent gains have been driven by hopes that it is finally turning the corner following several years of challenges. A large part of Rolls’ revenue stream is based on how many hours its engines fly.

Business has been boosted by the post-Covid surge in international air travel alongside increased defence spending amid heightened geopolitical tensions.

A mixture of price rises, cost-cutting measures and the disposal of non-core assets has also put the company in a healthier position. This year’s share price rally has been a victory for Rolls boss Tufan Erginbilgic, who described the firm as a ‘burning platform’ shortly after he took over in January. 

Attention should now turn to the group’s capital markets day on November 28 when the next steps in its transformation plan are laid out.

But before then, Erginbilgic will have to deal with his name being among those tipped to replace BP’s Bernard Looney, who resigned this week amid revelations over his personal relationships with colleagues. Erginbilgic was a high-flying executive at BP before joining Rolls.

Such chatter has set tongues wagging in the City.

One analyst said: ‘I think Tufan is better served delivering his turnaround ambitions at Rolls. The turnaround cannot be simply a one-year performance improvement. It needs to be sustainable for Tufan to truly leave his legacy as having turned around the company.

‘Jumping off now and declaring victory at Rolls seems premature.’

Russ Mould, investment director at AJ Bell, pointed out that the average FTSE 100 boss’ tenure is 5.7 years for the current crop of members.

‘I am sure that shareholders will be looking for at least that from Mr Erginbilgic, given the promising start,’ he said.

The FTSE 100 rose 0.5 per cent, or 38.3 points, to 7711.38 and the FTSE 250 lost 0.6 per cent or 109.93 points to 18789.77.

Fresh economic data out of China showing that its factory output and retail sales grew at a faster pace in August helped to lift Asia-focused stocks.

Burberry, which entered China in 2010 and now has more than 65 stores alongside over 1,000 employees in the country, added 2.2 per cent, or 46p, to 2158p. Spire Healthcare, the UK’s only listed private hospital group, made gains after Barclays raised its target price by 5p while JP Morgan added 31p. The mid-cap firm said on Thursday it is cashing in on strong demand from both the NHS and private clients. Shares rose 2.1 per cent, or 4.5p, to 221.5p.

Hipgnosis Songs Fund came under further pressure a day after the music investor announced it will sell some of its catalogues, including hits by pop star Shakira and rapper Nelly, for £370m.

Having lost 6.5 per cent on Thursday, shares sank another 7 per cent, or 6.1p, to 80.9p yesterday.

Safestore sank after HSBC trimmed its target price from 770p to 760p. That sent shares down 3.8 per cent, or 31.5p, to 794p – taking losses for the year so far to 15 per cent.

Malcolm Wall, chairman of Eagle Eye Solutions Group, whose platform runs promotion schemes for the likes of JD Sports (down 0.7 per cent, or 1p, to 139.65p) and Pret A Manger, is stepping down after seven years following the annual general meeting in November. Shares edged up 0.5 per cent, or 2.5p, to 545p.

Investors in what has become of GKN suffered a topsy-turvy session yesterday.

The 264-year-old group – which made cannonballs used at the Battle of Waterloo and Spitfires for the Battle of Britain – was bought by Melrose for £8billion in a highly controversial deal in 2018.

The GKN Aerospace business remains part of Melrose, while GKN Automotive has been spun out as a separate listed group called Dowlais.

In an update yesterday, Dowlais warned its results for 2023 are likely to be hit by proposed strike action in the US.

Union barons have been locked in talks with car makers Stellantis, Ford and General Motors over pay. 

As a result of the looming strikes, Dowlais said demand for the car parts it makes for leading manufacturers looks ‘uncertain’.

It overshadowed an otherwise strong first half in which the mid-cap business’s revenue rose 12 per cent to £2.8billion while profit soared 39 per cent to £177million.

Dowlais said trading over the six months to the end of June exceeded expectations and would have led to an increase in its annual outlook if the potential strike action was not hanging over the business.

Stifel analyst Mark Davies Jones said that Dowlais should manage to ‘weather a few weeks of production disturbance, and still hit numbers’ if the strike goes ahead.

But he warned that a ‘protracted dispute will clearly put pressure on the second half performance’.

Dowlais shares sank 7.3 per cent, or 9.3p, to 118.75p.

At Melrose, the aerospace business warned it faced a £200million hit from an engine parts issue affecting a US firm.

On Monday, Pratt & Whitney’s owner RTX said up to 700 of its engines, which power Airbus A320neo jets, would need to be pulled for quality inspections from this year through to 2026.

With GKN Aerospace involved in the Pratt & Whitney engine programme, Melrose estimated it could take a hit of up to £200million through to 2026. Shares fell 1.3 per cent, or 6.2p, to 479.3p.

The US was also proving to be tough for Chemring, which makes military explosives and technology to help its customers launch rockets and satellites into orbit.

Chemring warned it was waiting for the US Department of Defence (DoD) to approve some countermeasure deliveries that are worth around £25million of revenue.

It said officials wanted to assess the quality of raw materials provided by a supplier.

That means the delivery of the £25million of orders could be delayed beyond its current financial year.

Chemring shares slid 6.1 per cent, or 18.5p, to 286p.

But it was not all doom and gloom for the industry. BAE Systems, Britain’s biggest defence company, won a further £130million order from the Government for weapons as the Ukraine war boosts military spending. 

Shares rose 0.5 per cent, or 5.5p, to 1044p.

Fund manager JTC said it should beat market forecasts after a surge in revenue in the first six months of this year alongside its recent acquisition of the US firm South Dakota Trust Company. Shares soared 8.7 per cent, or 58.5p, to 733p.

DX Group rose 0.5 per cent, or 0.2p, to 43.2p after the delivery firm’s largest shareholder, Gatemore, backed the takeover proposal announced on Monday from the private equity firm HIG European Capital Partners.

Home improvement business Wickes gained 3.5 per cent, or 4.9p, to 143.4p as it said sales in the six months to July 1 were ‘resilient’ and reiterated it should meet market forecasts for an annual profit of £45million to £48million.

The FTSE 100 rose 0.4 per cent, or 30.66 points, to 7527.53 and the FTSE 250 added 0.1 per cent, or 19.86 points, to 18542.3.

The FTSE 100 is down 0.2 per cent in afternoon trading. Among the companies with reports and trading updates today are Berkeley Group, The Restaurant Group, Heathrow, Computacenter and Harland & Wolff. Read the Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

The London stock market was dealt a fresh blow as Smurfit Kappa announced plans to merge with an American rival.

The FTSE 100 packaging giant, which has its headquarters in Dublin, is in ‘advanced talks’ with Georgia-based WestRock about a mega-deal worth £15billion.

The combined company, to be named Smurfit WestRock, would be listed on the New York Stock Exchange – meaning the cancellation of Smurfit’s London listing, which it has held since 2016.

The move is another setback for London as companies retreat from the City to the US.

CRH, the world’s largest building materials group and another Irish corporate giant, is switching its stock market listing to the US from London this month.

And London missed out on the hottest initial public offering of the year, with chip designer Arm shunning its homeland for New York instead.

Should the deal go through, Smurfit WestRock would retain a secondary listing in London and continue to be led by Tony Smurfit, who has been chief executive since 2015.

Neil Wilson, an analyst at Markets, said: ‘The UK used to be where companies would come to consolidate.

‘For many years it was the merger capital of the world. That reputation has been lost.

‘The London stock exchange needs to urgently look at what it can do to stop the rot.’ 

Packaging companies have been in demand since the pandemic as people stayed at home and became used to ordering items such as food and clothes to be delivered to their homes.

The rise of internet giants such as Amazon has also boosted the sector.

Smurfit has its roots in 1930s Dublin, when businessman Jefferson Smurfit was asked to revive a small manufacturing business which was owned by family members.

Jefferson Smurfit grew under the leadership of the founder’s son, Sir Michael Smurfit, who became chief executive in 1977 and went about undertaking acquisitions in the US, Latin America and Europe.

Smurfit has for decades been a driving force for Irish business long before the domestic economy took off in the 1990s.

It merged with Kappa Packaging in 2005, changing its name to Smurfit Kappa.

WestRock, the second-largest packaging company in the US behind International Paper, was formed in 2015 through the merger of Meadwestvaco and Rocktenn.

International Paper tried to buy Smurfit Kappa in 2018 for £8billion but was rejected.

Smurfit Kappa said the new deal would create the world’s ‘go-to’ supplier with annual revenue of £27billion and 100,000 employees in 42 markets.

Its headquarters would be in Dublin, with an American base in Georgia. The deal would offer ‘complementary portfolios with unique product diversity and innovative sustainability capabilities,’ the company. 

Smurfit Kappa shares fell 3.8 per cent, or 122p, to 3096p.

Machinery hire firm Ashtead Group said business is booming in the US, off the back of ‘mega projects’ and the government’s green spending bill.

Ashtead revealed strong revenue and profits, with the FTSE 100 firm saying adjusted profit before tax was up by 11 per cent to $615million

The London-based business, which has a major business in the US and hires out machinery like scaffolders, excavators and forklift trucks, revealed that revenue rose by 19 per cent to $2.7billion (around £2.15billion) with rental revenue rising 14 per cent to $2.4billion for the first half to 31 July year-to-year.

But Ashtead cautioned that its UK business was softening.

Brendan Horgan, Ashtead’s chief executive, said: ‘The group delivered another record quarter with revenue up 19 per cent, rental revenue growth of 14 per cent and adjusted profit before tax increasing 11 per cent, both at constant currency. 

‘Our business has clear momentum with robust end markets in North America, which are supported in the US by the increasing number of mega projects and recent legislative acts. 

‘We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the opportunities arising from these market conditions and ongoing structural change. 

‘Despite UK market conditions softening, we expect overall performance to be in line with our expectations and the board looks to the future with confidence.’

Richard Hunter, head of markets at Interactive Investor, said: ‘After a sterling performance at its full-year numbers in June, Ashtead’s impressive momentum has continued with its first quarter numbers outstripping expectations.

‘Group revenue increased by 19 per cent, within which the crucial US unit posted gains of 22 per cent. 

‘Operating profit grew by 18 per cent and pre-tax profit by 11 per cnt alongside further strong investment in the business in an attempt to consolidate the current strength of the trading position. 

‘Some $1.1 billion was spent on the business, with $361 million on nine bolt-on acquisitions, while 40 locations were added in North America.

‘Expansion into North America is clearly paying dividends in both the US and Canada. 

‘The receding risk of recession in the States also feeds into a positive narrative, while the equipment rental space not only continues to grow with revenues up by 14 per cent but the group estimates that there could be much more to play for.

In June, Ashtead achieved another record annual performance on the back of strong demand for its industrial equipment in the US.

The group, saw turnover jump by $1.7billion (£1.4billion), or 24 per cent at constant currency levels, to a record $9.7billion for the 12 months ending April.

Rental-only revenue in the US, where it trades as Sunbelt Rentals, climbed by 23 per cent, with organic sales providing the bulk of growth despite the firm completing dozens of acquisitions during the year.

Hunter added: ‘The business is a cyclical one which brings its own risks, especially in the event of any weakening in demand and the negative response to the numbers echoes the wider market weakness at the open. 

‘Even so, for the moment, Ashtead is making hay while the sun shines and momentum is building. The shares have risen by 26 per cent over the last year, as compared to a gain of 2.3 per cent for the wider FTSE 100, with the market consensus of the shares as a buy fully likely to remain intact following this update.’ 

Ashtead shares are down 2.27 per cent to 5,344p in morning trading on Tuesday.