FTSE 100 staged a recovery of sorts after yesterday’s heavy losses sparked by Russia’s invasion of Ukraine. Investors remain nervous about a potential further escalation of the conflict, though the index was up 89 at 7,296 in early trades.
Analysts claim that the current Ukraine and Russia situation could push the average household energy bill past £3000. Bills are already set to climb by £693 to £1,971 this April, with current tensions applying a further squeeze on energy.
British Airways owner IAG has confirmed it is avoiding Russian airspace and has cancelled its flight to Moscow today after Boris Johnson banned Aeroflot, Russia’s flagship airline, from Britain. The airline predicted a return to profit this year after more heavy losses in 2021.
The finance chief of Volkswagen said a Porsche IPO could take place in the fourth quarter of 2022. A listing of the Italian sports car manufacturer has been rumoured since last year and would reportedly be one of the largest ever IPOs in Europe.
Among the small caps, Russia-focused Eurasia Mining recovered some ground after their pounding yesterday. Eurasia Mining led the way as it reiterated it expects no impact from sanctions and has no links with any state-owned banks.
Cloudbreak Discovery has inked an option agreement for the Rizz Project, in Canada, spanning some 5,415 hectares of mineral titles in north western British Columbia. Cloudbreak can earn a 75% interest in Rizz by spending C$750,000 on exploration over a three-year period.
Ethernity Networks said 5G Innovation Leaders Fund is to invest US$2mln into the company. The US-based institutional investor is already a significant shareholder and is further backing the supplier of networking processing technology as it plans to scale up.