FTSE 100 lost 73 points to 7,439 in early trading. Weak grocery sales in the latest Kantar survey saw retailers Tesco, Sainsbury’s and Ocado among the largest fallers.
Rishi Sunak is said to be drawing up plans for a windfall tax on firms like SSE, Scottish Power and EDF. A levy on over £10bn of excess profits would bolster the chancellor’s public finances.
Buy now pay later firm Klarna will slash 700 jobs as it warned of a “likely recession.” The Swedish company blamed rising prices, a change in consumer confidence and the war in Ukraine.
Grocery inflation hit its highest level in 13 years after rising to 7%. Prices were increasing fastest for dog food, savoury snacks and fresh beef.
Cornish Metals closed its previously announced £40.5mln fundraiser. The completion of the funding will allow Cornish Metals to push ahead with a feasibility study for the South Crofty tin project.
IXICO said its underlying earnings for the current financial year will be materially ahead of forecasts. However, the neuro-imaging specialist cautioned that the cessation of a clinical trial programme will impact its full-year 2023 performance.
Technology Minerals said the Environment Agency has awarded its 49%-owned battery recycling business, Recyclus Group, an environmental permit for its recycling plant in Wolverhampton, West Midlands. The permit will enable the Wolverhampton site to become fully operational, the company said