The Market Report with Katie Pilbeam.
FTSE 100 slipped in early dealings as the severe impact of coronavirus on the UK economy was highlighted in official figures. London’s blue-chip index dropped 27 to 6,501.
Britain’s economy shrank by a record 9.9% last year as coronavirus restrictions hit output, said the Office for National Statistics (ONS). In December, the economy grew by 1.2%, after shrinking by 2.3% in November as lockdown was eased.
lastminute.com faces legal action unless it refunds all money owed after cancelling holidays due to Covid-19, the Competition and Markets Authority (CMA) said. The online travel agent had promised to payback £7mln of refunds by the end of January, but £1mln is still outstanding said the watchdog.
Dating app Bumble jumped to a value of more than US$13bn following its listing on Wall Street. 31-year-old boss and founder Whitney Wolfe Herd is now a self-made female billionaire.
Among the small caps, Bezant Resources PLC (LON:BZT) shares rose as it completed the acquisition of Metrock Resources. The copper-gold explorer now owns the Kanye Manganese Project in Botswana.
FastForward Innovations Ltd (LON:FFWD) has expanded its exposure in the medicinal cannabis sector after investing in Little Green Pharma. The investor acquired a 0.9% stake in the Australian business for £560,000.
Mode Global Holdings PLC (LON:MODE) has officially launched the Android version of its Bitcoin trading app, which is already available to Apple users. Customer numbers have rocketed 500% from August to December and it is ranked number two in the App Store's UK finance category.