The FTSE 100 got off to a brighter start than expected after signs that the Covid situation is improving in China.
The blue-chip index was up 24 points (0.3%) at 7,609 helped by another good showing by Scottish Mortgage Trust as tech indices rally.
Britain might face electricity rationing if Russia turns off the gas taps for Europe, ministers have been warned. A worst-case outcome in a government model predicts major shortages with six million households and industry facing limits on how power much they can use.
Reebok owner Authentic Brands Group is in talks over a £300mln takeover of fashion retailer Ted Baker. The Bank of America is advising the US-based company, which owns most of David Beckham’s portfolio of branded products.
The sale of Chelsea Football Club to Todd Boehly’s consortium is expected to be completed on Monday. The government and Premier League both approved the £4.25bn takeover after a “final and definitive agreement” was agreed.
Among the small caps, Mkango Resources is to receive a £3.5mln investment from CoTec, an ESG-focused investor. The companies have agreed to collaborate on future investments in rare earth processing technology opportunities in the US.
Union Jack Oil welcomed the UK’s North Sea Transition Authority (NSTA) approval of the field development plan for its 40%-owned Wressle field, in Lincolnshire. The NSTA also approved Wressle entering its production phase, which will continue through to 2039.
Digitalbox, the media group that owns The Daily Mash, is to acquire the web and mobile platform assets of TVGuide.co.uk. The cost is £550,000 payable from its existing cash resources.