FTSE 100 has quickly turned south after a bright start with heavy falls in the US overnight now dragging London down. After an early rise, the index is down 21 at 7,568.
Primark plans to cut 400 jobs in a shake-up of store management. The AB Foods owner retailer pointed to Omicron-related reduced sales and growing supply chain costs but insists prices will not rise.
The governor of the Bank of England voiced “great concern” that inflationary pressures may be more stubborn than expected. Andrew Bailey blamed growing natural gas prices and wage rise expectations in a meeting with MPs.
Deliveroo announced a strong performance for 2021, with food delivery orders high and good growth in its customer base. The food delivery group reported full-year gross transaction value of £6.6bn or a rise of 70%, which was at the top end of its guidance.
Among the small caps, Arecor Therapeutics has commenced the US Phase I clinical trial of lead product, AT247. The product is an ultra-rapid insulin, delivered by insulin pump over a period of three days to the deepest layer of skin.
Tirupati Graphite claimed a milestone with its new "transformational" technology for processing flake graphite. The unique system will "significantly improve performance" of the company's primary graphite and downstream production processes.
Guild Esports has signed a 10-year property lease to create its “Guild Academy” and corporate headquarters in Shoreditch, London. Expected to open in the second quarter, the building will house content and editing facilities and streaming rooms.