FTSE 100 shrugged off the escalation of the fighting in Ukraine as surging crude prices lifted oil stocks while housebuilders were boosted by results from Persimmon and Vistry. The index was up 46 at 7,376 in early trades.
Brent crude reached an eight-year high of US$110 a barrel as oil prices continue to climb on Russia’s invasion of Ukraine. The International Energy Agency will release 60mln barrels of strategic oil reserves to try and stabilise markets.
Apple has become the latest company to issue sanctions on Russia. All product sales were temporarily paused, while state-owned media outlets Sputnik and RT were removed from the App Store.
UK shop prices rose at their highest rate in over a decade in February, driven largely by soaring food costs. Rising health, beauty, and furniture prices also contributed to the abnormal retail price inflation level.
Life insurer Aviva is to hand back £3.75bn from the proceeds of a huge disposal programme. Adjusted operating profit fell 10% in 2021 to £1.6bn in 2021.
Among the small caps, Apollon Formularies has signed a joint venture agreement with Tri-Medi Canna a South African based medical cannabis company. The agreement will establish a jointly-owned incorporated South African company.
AfriTin Mining has identified spodumene, a lithium-bearing mineral, within its fully permitted mining licence ML 129. The company said it intends to conduct an exploration drilling programme on this target over the course of the year.