The Market Report with Katie Pilbeam.
FTSE 100 opened higher, gaining 39 points even though the European Union said it still mulling a ban on Russian crude. Oil giants led the way while Russia-focused stock recovered a little. The index was up 37 at 7,442.
Boris Johnson aims further to reduce Britain’s use of Russian gas and oil imports by increasing the UK’s use of nuclear fuels. The Prime Minister will hold a summit with nuclear industry bosses to thrash out a plan.
The London Stock Exchange is to sell its Beta+ wealth technology platform for US$1bn to a consortium of investors. The proceeds of the sale will be used for reducing debt and a return to shareholders.
Antofagasta has reached an agreement in principle with Barrick Gold and the governments of Pakistan and Balochistan to exit Reko Diq, ending a dispute that dates back to 2011.
The project was suspended due to a disagreement over its legality of its licensing process.
PZ Cussons (LSE:PZC) has bought Childs Farm, a fast-growing baby and child personal care brand. Childs Farm founder Joanna Jensen made an investment into the PZ Cussons subsidiary that completed the acquisition, so that the Imperial Leather
owner now owns 92% for which it paid £37mln in cash.
Among the small caps, Spectra Systems said increased demand for banknotes, anti-fraud sensor systems and optical equipment from its main central bank customer helped revenues rise 13%. Profits for the year 2021 rose by 10%.