The FTSE 100 was on the back foot early in London as investors fretted about inflation after the gloomy comments from bankers at the ECB forum in Portugal. The blue- chip index was down 47 at 7,275.
Electricity companies were an exception and making good gains as energy regulator Ofgem unveiled a new £20.9bn package to boost grid capacity. National Grid, SSE and Drax all saw decent rises even though the amount was less than the industry wanted.
Poundland is set to increase the number of products it sells for £1 as its customer numbers rise. The discount chain is one of few retailers to experience a hike in demand recently as the cost of living squeeze bites.
Another discounter B&M European Value said UK revenues fell over 9% in its first quarter despite the launch of its first online trial. The retailer kept its profit guidance for the year unchanged nonetheless.
A rig contractor has now been hired for Shell’s next exploration well in the North Sea, the project’s small-cap partner Deltic Energy confirmed. Drilling of the Pensacola exploration well is expected to kick off in September.