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UK stocks opened 0.8% higher on Tuesday, paring much of Monday's losses, as investors weighed rising infections of the Omicron variant with hopes it can be effectively managed by vaccine rollouts.
At 0827, the benchmark FTSE 100 index was up 55.03 points, or 0.8%, at 7,253.06.
Investment manager Schroders gained 1.2% to £34.15 on news that it had agreed to acquire 75% of renewable infrastructure manager Greencoat Capital for up to £478 million.
The deal included an initial payment of £358 million and an earn-out capped at £120 million.
Wind farm developer Greencote UK Wind, which is managed by Greencoat Capital, rose 0.4% to 139.3p.
Mining giant BHP firmed 2.7% to £22.035, having confirmed that it had received all regulatory and competition approvals to unify its corporate structure under its Australian parent company.
Shareholder meetings of BHP Group Limited and BHP Group Plc would be held on 20 January to consider unification.
Pharmaceutical company AstraZeneca climbed 0.4% to £85.25 after its drug to treat myasthenia gravis was accepted for priority review by the US Food and Drug Administration.
Nyasthenia gravis is a rare autoimmune neuromuscular disease that leads to a loss of muscle function and severe weakness.
GlaxoSmithKline inched up 0.1% to £15.938 as its ViiV Healthcare joint said its drug to reduce the risk of sexually acquired HIV-1 had been approved in the US for use in adults and adolescents.
The medicine, Cabotegravir, was provided as an injection given as few as six times per year and was initiated with a single 600 mg injection given one month apart for two consecutive months.
Insurance company Hiscox advanced 0.8% to 849p following news that it had appointed Paul Cooper as its chief financial officer. Cooper was currently interim CFO at asset manager M&G, which was recently spun out of insurer Prudential.
Bingo and casino company The Rank Group edged down 0.1% to 141p after it appointed Richard Harris as its chief financial officer, affective from the start of May.
Harris was joining the company from London estate agency Foxtons, where he had been CFO since June 2019. Foxtons gained 0.7% to 38.5p.
Chemicals company Johnson Matthey rose 0.7% to £19.435 as kicked off its £200 million share buyback programme, with a first tranche purchase of up to £100 million.
Oil company Nostrum Oil & Gas dropped 7.7% to 6p on confirming it was in talks with lenders about a debt-for-equity swap that would see existing shareholders left with a 'significantly' reduced stake in the company.
Nostrum said it was responding to media speculation regarding the terms of a potential financial restructuring of its $725 million notes due July 2022 and/or its $400 million notes due February 2025.
Ventilation system manufacturer Titon shed 4.6% to 105p, even as itposted a rise in annual profit as trading bounced back following an easing of Covid lockdowns.
Titon, however, said it expected component shortages to continue to present challenges in 2022.
Pharmaceutical services company Open Orphan added 3.8% to 21.93p, having signed a £5 million influenza human challenge study contract with a biotech company.
The client was developing an antiviral drug for protection against respiratory viral infections. The study was expected to commence in the second half of 2022.