The FTSE 100 rose 19 points to 7,556 in early trades as traders took a positive view of the latest events in Ukraine. Russia reportedly has promised to reduce military operations in two key areas of Ukraine, with US and UK officials reportedly seeing troops leaving the areas though the Ukrainian officials cast doubt on whether it was just another ruse.
UK shop price inflation reached its highest level since September 2011 in March. Annual price increases were 2.1% making it five months in a row that prices have risen.
On the retail theme, Great Portland Estate has reported a big jump in rent for three of its West End of London shops. The property group let the three sites at a combined rent of over £2mln per annum or 12% higher than six months ago.
Investigators from the CMA have raided the offices of outsourcer Mitie and are looking at emails of senior staff as part of a probe into possible anti-competitive behaviour. The competition watchdog is also examining Mitie’s relationship with US firm PAE, its partner on a MoD contract.
Among the small caps, Harvest Minerals said sales of its fertiliser are booming due to the uncertainty caused by the war in Ukraine. Volumes are up nearly 700% in its first quarter over this time a year ago.
Redx Pharma said its next drug candidate will target fibrosis in Crohn's Disease. The drug is being developed to be the first-ever treatment to tackle the condition known as fibrostenotic Crohn's, with plans to have a phase I clinical trial underway at the end of next year.
Keywords Studios said 2022 has started well with further strong demand for all its service lines. The computer games ancillary specialist reported revenue grew 37% in calendar year just ended.