FTSE 100 opened lower as another a hefty fall on Nasdaq spilled over into the mood here. London’s leading index dropped 47 points to 6,627 in early trading with tech-focused funds the worst hit.
Deliveroo has chosen London for its £8bn stock market floatation in a major boost to the City. The potential for a dual-class structure unveiled by the Hill review yesterday was cited by founder Will Shu as among the reasons.
The UK is facing its highest tax burden for decades following Rishi Sunak’s Budget measures according to the BBC. Higher corporation tax and fiscal drag following the income tax threshold freeze are the cause, said the broadcaster. Aviva PLC (LON:AV.) is eyeing higher dividends after selling non-core businesses for £5bn. Trading in several key markets has been strong, with Saving and Retirement posting record performance.
B&M European Value Retail SA (LON:BME) has upgraded full-year profit expectations but uncertainty looms over next year’s forecasts. Sales will shortly resemble last year’s high levels and it will be difficult to predict trading patterns once restrictions are lifted, said the discount retailer.
Among the small caps, Westmount Energy Ltd (LON:WTE, OTCCQ:WMELF) said the first Bulletwood exploration well, on the Canje block offshore Guyana, encountered quality reservoirs but sub-commercial volumes of hydrocarbons. Bulletwood-1 is the first of three wells scheduled to be drilled on the block in 2021.
Crossword Cybersecurity PLC’s (LON:CCS) Rizikon Assurance platform has been selected to support a new counter-fraud fundamentals (CFF) certification scheme. The IASME Consortium – the UK government’s cyber-essentials partner - is overseeing the scheme.