FTSE 100 shed 100 points in early trades after the ratcheting up of the threats from Russia over Ukraine at the weekend. BP leads the fallers with the index down 86 at 7,402.
BP is to give up its 19.75% stake and its two board positions in Russian state-backed oil company Rosneft (AIM:ROSN) following pressure from the UK government. Rosneft accounted for around 20% of BP’s profits in 2021, equivalent to £2bn.
AB Foods said Primark sales had rebounded by 60% its latest half year as all stores reopened. However, its food businesses had been hit by rising inflation with a lag in passing these extra costs through affecting margins.
Tesco is to stop selling all baby wipes containing plastic due to the damage they cause blocking sewers and rivers when they are thrown away. The supermarket stopped selling its own brand with plastic two years ago but the ban will now apply to all products from 14 March.
OptiBiotix saw its profits climb 36% in 2021 to £1.2mln. The company, which is focused on tackling obesity, diabetes and cardiovascular disease, added that invoiced sales nearly doubled to £2.2mln.
Panther Metals said it has discovered exceptionally high grades of nickel and cobalt from its Coglia project in Western Australia. The company said that three of the five holes drilled saw grades that were better than expected.
OntheMarket shares jumped this morning as it upgraded expected earnings for 2021 on the back of a number of successful commercial partnerships. The UK property search portal expects adjusted operating profit of at least £2.5mln for the year to 31 January 2022, a 8% rise on last year.