The FTSE 100 is ending the week very much on the back foot following reports that Russian forces have seized Europe's biggest nuclear power plant in Ukraine as the offensive enters its ninth day.
London’s blue-chip index was 171 points, or more than 2% lower, at 7,058 in in early trades.
Meanwhile, Ex-Russian deputy prime minister Igor Shuvalov and former Arsenal shareholder Alisher Usmanov became the 12th and 13th oligarchs to be sanctioned by the UK. Their assets were frozen and they can’t travel or do business with Britain.
Russian cryptocurrency trading volume sunk 50% in the week to Thursday. Volumes are weak, suggesting price action is due to investors expecting an increase in demand from Russia.
In corporate news, folding phones, which instantly double the screen size, are growing in popularity. Apple plans to launch this product in the coming years but won’t rush and will let the market evolve slightly first.
Among the small caps, Oncimmune Holdings inked its third deal of the week, this time with an unnamed pharmaceutical company. The company announced earlier this week it had signed agreements with Synexa Life Sciences and Verily Life Sciences, which is owned by Alphabet.
Griffin Mining confirmed the Caijiaying Mine will re-open, and that underground mining operations are scheduled to recommence on 15 March. Underground drilling at both Zones II & III will begin earlier than planned on 7 March.
Gore Street has said it has completed the acquisition of a 90% stake in a 28 mega watt hour storage asset in Germany. The company said the purchase is in line with its mandate to expand out of the UK and Ireland.