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Market Report: Brexit talks hang by a fishing rod

FTSE 100 drifted as investors kept their powder dry while UK and EU officials haggle over a potential Brexit deal.

London’s main index eased 13 to 6,536 in early trading. Sports Direct owner Frasers Group PLC (LON:FRAS) confirmed it is looking to snap up collapsed department store chain Debenhams.

Frasers boss Mike Ashley said the administration of Arcadia Group is complicating the process. Shops in England reopened after the second lockdown but the number of customers was well below last year.

Footfall for the first weekend of December dropped by a third compared to 2019.

Online specialist The Hut is doing nicely, though, and expects revenue this year to grow by 38-40% following another upgrade. Black Friday trading topped expectations for the online retailer. Ceres Power and Bosch have agreed to start mass production of fuel cells based on the AIM-listed group’s technology. 

Multiple sites in Germany will produce an aggregate 200MW capacity in 2024. United Oil & Gas PLC (LON:UOG) has highlighted independent estimates of 2.4bn barrels of oil in its wholly-owned Walton Morant licence, offshore Jamaica.

The company wants to bring a new partner in to the project.

Quick facts: Frasers Group PLC

Price: 474.2 GBX

LSE:FRAS
Market: LSE
Market Cap: £2.46 billion
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