FTSE 100 started on the front foot even though London has now entered the toughest tier of restrictions while the inflation rate plummeted in November. The UK’s leading index jumped 66 points to 6,580 in early deals. UK inflation was 0.3% in November, down from 0.7% in October following unusually steep Black Friday discounts. The cheapest categories were clothing, food and non-alcoholic drinks with increases in games, toys and hobbies.
The competition watchdog will investigate airlines about the practice of offering travel vouchers instead of cash refunds after a surge in complaints. The Competition and Markets Authority will look at cases where airlines continued to operate flights despite restrictions on travel.
Dixons Carphone PLC (LON:DC.) generated cash and swung back into interim profits after online sales took off amid the pandemic. The electronics retailer reported a profit before tax of £45mln from an £86mln loss a year ago despite its exposure to the high street.
Among the small caps, Genedrive PLC has told the US Food & Drug Administration (FDA) that it intends to import and distribute its 96 SARS-CoV-2 kit in the US prior to emergency use authorisation. Distribution of SARS-CoV-2 test kits in the US without sign-off is permitted under certain defined conditions, added the AIM-listed company.
Canadian Overseas Petroleum Limited (LON:COPL) shares soared on what it described as a “game changing” acquisition of Atomic Oil & Gas. The transaction has a reported deal value of US$54mln and delivers producing assets in the US state of Wyoming.
AFC Energy (LON:AFC) has signed a strategic partnership with Swiss electrical systems giant ABB to develop electric vehicle chargers. The two companies will work together to develop a bespoke high power EV charger for sale in the second half of 2021.