Biotech firm jumps 90pc with test for coronavirus

AS fears over the spread of the lethal coronavirus hammered markets worldwide, shares in a London-listed biotechnology firm soared as it revealed it has developed a test for the disease.

AIM-listed Novacyt’s test – which is for research use only – can detect only this strain of the coronavirus and takes less than two hours to determine a result.

According to the company, this differentiates it from other current tests which are less specific and could even result in giving false diagnoses.

The test can be used in smaller and remote labs – with the company hoping this will assist efforts to track the outbreak which has so far killed 213 people and infected more than 10,000. Novacyt shares rose 90pc, or 18p, to 38p.

Markets across the world fell deeper into the red yesterday as analysts began to fear the outbreak – which is spreading six times faster than Sars – will have a marked effect on the global economy. Oxford Economics has revised down its 2020 forecasts for China’s GDP growth to 5.6pc, down from 6pc before.

But a slowdown in China could quickly go further, with Douglas McWilliams, deputy chairman of the Centre for Economics and Business Research warning: ‘Unless a cure is found, this could push a fragile world economic recovery into reverse.’

Last night the Dow lost more than 500 points, falling 1.8pc, while the S&P 500 dropped 1.5pc and the Nasdaq fell 1.2pc.

In London, the FTSE 100 closed down 1.3pc, or 95.95 points, to 7286.01, while the FTSE 250 index lost 0.7pc, or 148.39 points, to close at 21143.49. Takeaway.com, the online food delivery group buying rival Just Eat (down 0.5pc, or 4p, to 861p) for £5.9bn, last night said its takeover was unconditional, meaning it has the support of enough shareholders to wave the deal through. Specialist magazine publisher

Future was pummelled after a London- based research firm called Shadowfall Research said it had shorted the stock.

In a 69-page report – reminiscent of the attacks levelled at Burford Capital and NMC Health by US group Muddy Waters – Shadowfall claimed the stock was overvalued.

Future, which has been one of the FTSE 350’s best-performing stocks over the last year, is in the process of acquiring TI Media for £140m.

This would add titles such as Country Life, Marie Claire UK and Horse & Hound to its stable of brands, though the Competition and Markets Authority is investigating the takeover.

Future shares sank 15.9pc, or 242p, to 1280p last night, after the Shadowfall swipe. Elsewhere on the FTSE 250, engineering group

Senior warned the Boeing 737 Max crisis will hammer revenues this year. Senior expects pauses in the production of the jets and regulatory delays to wipe 20pc off turnover in its aerospace arm, which brought in 70pc of the company’s total revenue in 2018.

The best- selling Boeing plane has been grounded worldwide since last March following two deadly crashes caused by a software fault. Boeing paused production of the planes this month and doesn’t expect to get them flying again until this summer.

Senior’s stock dived by as much as 10pc in early trading, but pared back most of the losses to close down 0.3pc, or 0.5p, at 166.5p.

Drinks maker Britvic had a better time yesterday, climbing 5.7pc, or 49.5p, to 925.5p as it reported a ‘robust’ performance with like-forlike sales increasing 2.6pc to £369.8m. The group also revealed it has signed an unusual agreement with banks to pay back less money on its loans if it meets sustainability targets.