The FTSE 100 took a bath in early dealings on gloomy outlooks for European economies, with the UK confirmed as slowing sharply in the first quarter.
London’s blue-chip index was down 109 points at 7,203.
Bunzl was an exception as the logistics (and everything else supplier) upped its guidance due to "very strong" revenue growth and better margins than expected. Previously, it had guided to "moderate" revenue growth for 2022, with acquisitions supported by a "slight increase" in organic revenue.
A “surprising amount of momentum” in the housing market has seen prices hit a new record. House price growth eased to 10.7% despite the increasing cost of living crisis, Nationwide said in its latest monthly index.
Royal Mail became the latest company facing strikes as managers backed industrial action after what the Unite union called an "ill-thought-out redeployment programme." Some 86% of managers backed the strike call.
Elsewhere, Open Orphan said its subsidiary hVIVO has been commissioned by a US vaccines group to develop the world’s first human challenge model for the omicron Covid variant. hVIVO must develop an agent that can be safely administered to volunteers.
Shield Therapeutics said prescriptions for its iron deficiency treatment doubled quarter-on-quarter in the first three months of 2022. The company added that after a “transformational 2021” it had got off to a solid start in 2022.