Good morning from London where the FTSE 100 is trending downward despite news from 10 Downing Street that the government plans to issue hundreds of new North Sea oil and gas licences.
Energy companies that may stand to benefit from the move are well represented in London’s blue-chip index, but a tough start to the day for Ocado, high street fashion chain Next and Diageo mean that the FTSE has once again bounced off its 7,700 point ceiling.
In regulatory news it’s a new start today for the Financial Conduct Authority’s, which begins a new era this morning after an overhaul that’s supposed to ensure consumers are being treated better. Separately, there are some tips that some of the UK’s largest banks will launch a £5mln advertising campaign this week in a bid to help squeezed customers access support with their various repayments.
Returning to the stock market, BT Group shares slipped early on after announcing Allison Kirkby, previously of Virgin Media and Denmark’s TDC, is to take over as its new chief executive.
Hit even harder was concrete supplier Marshall, which saw its share price plummet after announcing 250 jobs would be cut as second-half expectations falter. In the US, Walmart has bought out hedge fund Tiger Global's investment in Indian eCommerce firm Flipkart for US$1.4bn, taking its stake to over 80%.
And with the small caps, Scancell shares soared as the biopharma company announced the expansion of its Modi-1 cancer trial.