FTSE 100 has steadied after an early fall on Russia’s incursion into eastern Ukraine. After dropping 100 points at the open, the blue-chip index is now down 34 at 7,449.
The tensions on the Ukrainian border sent oil prices to fresh-seven-year highs, with Brent crude trading above US$98. Should Putin continue his aggression, sanctions are likely on the world’s second largest oil exporter and analysts believe that could send the price towards US$120 a barrel.
HSBC’s profits more than doubled in 2021, driven by a release of credit losses and supported by a recovery in the global economy. The bank said it would hit its target of 10% return on equity in 2023, a year earlier than anticipated, if central bank interest rates rise in line with market expectations.
Barclays is preparing to name Anna Cross as the company’s first female executive director, replacing Tushar Morzaria. Cross will be named chief financial officer at some point in the coming months, according to the reports.
Among the small caps, Blencowe Resources has acquired the right to earn into a nickel sulphide and copper project located near to its Orom-Cross graphite project in Northern Uganda. The project was previously jointly owned by Rio Tinto and Sipa Resources.
4D Pharma has received the green light for a first-in-human trial of its Parkinson’s disease candidates in the US. This is after the Food & Drug Administration approved investigational new drug (IND) applications.
Benchmark Holdings, the aquaculture biotechnology business, said it is trading in line with expectations following a good performance in the final quarter of 2021. Group revenues were up 38% year-on-year with all three parts of the business showing good growth.