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Market Report: FTSE falls as Deliveroo fails to deliver on listing debut

FTSE 100 slipped back after US stocks were pressured by rising treasury yields and inflation concerns. London’s leading index shed 16 points to 6,744 in early dealings with a dismal start to trading by Deliveroo also dampening the mood.  

Having been priced at 390p, the bottom of its range, Deliveroo Holdings PLC (LON:ROO) proved an even bigger turkey in first dealings as it slumped to 271p. The delivery business has been heavily criticised over governance issues.   

Alphabet Inc’s (NASDAQ:GOOG) Google Maps will start showing the most eco-friendly routes to drivers. The feature will launch in the US this year and coincides with a report that suggests climate change will cost the world US$1.7trn per year by 2025 if immediate action isn’t taken.  

Topps Tiles PLC (LON:TPT) said it expects a sharp increase in sales when Coronavirus (COVID-19) trading restrictions lift by the middle of April, with margins recovering to more normal levels. The tiles retailer based this forecast on the strong performance following the end of the first lockdown last summer.

88 Energy Ltd (LON:88E, ASX:88E) confirmed wireline logging operations are now underway for the Merlin-1 well in Alaska. The hotly anticipated ‘preliminary’ results are expected over the weekend, it said.

Touchstone Exploration Inc (LON:TXP, TSX:TXP) said It had completed and tested the third interval at Chinook-1 at the Ortoire block, onshore Trinidad and Tobago. The well encountered 35-degree API gravity crude oil - a light crude - and said further evaluation is required to determine commerciality. 

Amryt Pharma PLC (NASDAQ:AMYT, LON:AMYT) hopes its gel designed to treat a rare skin disease will win fast-track approval from the US Food & Drug Administration after finishing the rolling completion process. Its new drug application (NDA) for Oleogel-S10 could be reviewed in just six months.

 

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