FTSE 100 lost 80 points in early trading, down to 6,904 points. Experts are predicting a hefty fall in house prices as UK gilts and interests rise while lenders pull mortgage deals.
Boohoo’s adjusted profit before tax plummeted 90% in the six months to August-end as return rates and the wider macro-economy continue to impact its financial performance. Sales also declined.
Food shoppers are paying a record 10.6% more for their baskets than they were a year ago. Fresh food products in September cost 12.1% more than last year – a new high.
The International Monetary Fund openly criticised the UK government over its plan for tax cuts. It warned that the measures are likely to fuel the cost-of-living crisis by pushing up prices.
Power Metal said results from an electromagnetic survey over a target at Molopo Farms in Botswana identified a "large, significant geophysical conductor". The conductor remains open in all directions.
Mode Global announced the soft launch of its multi-token trading capability. The first of the tokens to be rolled out will be ether, which will be made exclusively available to Mode Lab members before the official launch in October.
Kavango Resources selected 13 priority exploration areas across four of its prospecting licences in the Kalahari Copper Belt in Botswana. The objective is to make one or more discoveries of economically viable copper/silver deposits.