The Market Report with Katie Pilbeam.
FTSE 100 rebounded higher as Russia-focused stocks rallied along with several companies on the wrong end of trades in the last few days. The blue-chip index was up 122 at 7,086.
The US and UK are set to ban Russian oil and the EU is making moves to end its reliance on Russian gas. US President Joe Biden said the move targeted "the main artery of Russia's economy”.
Steel maker Evraz has said that while it is not a Russian entity it cannot say the same of its investors Roman Abramovich, Alexander Abramov and Alexander Frolov. The statement was reassuring enough to send the shares up 18% to 92.2p.
Mothercare becomes the latest multi-national company to suspend operations in Russia and will lose up to 25% of its global sales. It comes hours after McDonalds, Pepsi, and Coca Cola also halted trading.
Prudential shares jumped 5.8% after the Asia-focused insurer posted a 16% rise in its 2021 operating profit, Insurance sales rose strongly said the life and pensions group.
Among the small caps, 4D Pharma is preparing for a fundraiser in the US, following its submission of a Form F-3 with US Securities and Exchange Commission. The form, also known as a shelf registration statement, will allow for up to US$150mln to be raised by issuing American depositary shares listed in the US.
Gfinity slumped as it warned it needs to raise £1mln due to a delay in expected revenues. The company now expects to make of £0.4m, compared to a loss of £0.9m incurred in 2020 for the same period.
Shanta Gold said results for its latest drill at Ramula in its West Kenya project strengthens its view that the region is a major gold district. Ramula now has an inferred unconstrained in-situ resource estimate of 433,900 ounces grading 2.08 g/t.