The Market Report with Katie Pilbeam.
FTSE 100 made strong gains in early trading suggesting the departure of PM Boris Johnson might already be priced in. The Tories had another disastrous night losing two by-elections by a mile. The blue-chip index is up 59 at 7,709.
UK retail sales (excluding fuel) are down by 4% since last October. Surveyed adults said the price of food was the most common reason for their monthly outgoings rising as households begin to make cutbacks.
Netflix has let go 300 employees in the second round of job cuts after losing subscribers for the first time in more than a decade. The cuts represented 4% of the streaming giant’s workforce, and mostly affected US employees.
Toyota is recalling 2,700 of its first mass-produced all-electric vehicles over fears their wheels may fall off. According to reports, bolts on the wheels may loosen to the point where they can detach from the vehicle.
Barclays has bought residential mortgage lender Kensington Mortgage Company Limited (KMC) from private-equity firms Blackstone and Sixth Street Partners. The deal broadens its UK mortgage portfolio, it said in a statement today.
Among the small caps, MGC Pharmaceuticals said plans with partner AMC Holdings are progressing for the first US-based clinical trial of its phytomedicine CimetrA in the third quarter of this year. MGC said it is this week holding discussions with the University of South Florida (USF) to finalise plans for the trial.
San Leon Energy told investors it has seen significant progress towards the completion of the transaction to consolidate its interests in the OML 18 asset in Nigeria. The now expects to publish new AIM market documents by 8 July, after which it intends to seek the restoration of trading of its ordinary shares.