The Market Report with Katie Pilbeam.
FTSE 100 opened lower as rising US bond yields again grabbed investors’ attention on a quiet day for UK company news. London’s blue-chip index shed 15 to 6,721.
Britain’s GDP shrank by 2.9% in January due to the impact of the third lockdown said the Office for National Statistics, though this was a lot better than many forecasts. The UK economy is now 9% smaller than at the start of the pandemic.
Royal Mail is to trial Sunday parcel deliveries ahead of a possible seven days a week service to keep up with the boom in online shopping. Parcel volumes have rocketed since the first lockdown with 10,000 temporary Christmas stuff retained to cope.
Motor insurance claims plunged by 19% in 2020 as people stopped driving during lockdown, but premiums only dropped by 1% said trade body the ABI. Payouts fell by 6% compared with the previous year.
Among the small caps, Sensyne Health PLC (LON:SENS) has signed a £470,000 agreement with the UK government. The AI specialist will provide its MagnifEye software to transform smartphones into COVID-19 test readers.
Advanced Oncotherapy PLC (LON:AVO) said it has demonstrated the potential of its LIGHT technology to treat resistant cancers. LIGHT is a proton therapy that can pinpoint tumours more precisely, causing limited damage to surrounding healthy tissues.
Anglo Pacific Group PLC (LON:APF) has completed the acquisition of a 70% interest in a cobalt stream at the Voisey's Bay mine in Canada. The miner paid US$205mln to private equity sellers.