FTSE 100 made a bright start on hopes for vaccines and higher oil prices, though the more UK-focused FTSE250 went the other way on Brexit worries. London’s blue-chip index rose 16 to 6,505.
Tesco has called for a tax on online rivals such as Amazon. Ken Murphy, the supermarket’s boss, said retailers with large shop estates are at a huge relative disadvantage.
Online fashion group boohoo Group meanwhile announced it has agreed to acquire Arcadia’s Burton, Dorothy Perkins and Wallis brands out of administration for £25mln. The deal only includes the e-commerce and digital assets with an uncertain future for the shops.
Crude oil prices are back to pre-pandemic levels on concerns of supply issues when the global economy recovers from coronavirus. The price has jumped 50% recently and is now over US$60 per barrel.
Among the small caps, 4D pharma PLC (LON:DDDD) has signed a clinical trial collaboration and supply agreement with giants Merck and Pfizer. The life sciences firm will trial their bladder cancer drug BAVENCIO.
Block Energy PLC (LON:BLOE) has brought back online two wells at the West Rustavi field in Georgia. The oiler expects a revenue boost from production sales, also helped by the current higher oil price.
Bahamas Petroleum Company PLC (LON:BPC) suffered as the Perseverance-1 exploration well, offshore Bahamas, encountered hydrocarbons but not in commercial volumes. The company said the well successfully validated the structural model and the petroleum system.