The FTSE 100 dived in early trading, falling back to around 7,000 points after finishing Thursday at 7,073. The index was weighed down by some mixed results for Apple and Amazon in the US, as well as NatWest here in the UK. Bad loan charges from a worsening economic outlook reduced the impact of a boost in income from rising interest rates.
Elsewhere in results, airline Group IAG upgraded its full-year profit expectations after reporting higher-than-expected sales. Higher ticket prices mean that revenues are recovering well following the pandemic despite capacity remaining lower.
British Gas owner Centrica said it has reopened its Rough gas storage facility. The move increases the UK’s storage capacity by 50% and "boosts the UK’s energy resilience.”
Graphene producer Directa Plus said it has inked its first supply contract in Latin America, worth €1mln over four years.
Iofina said it has executed all agreements with a new brine supply partner to construct its latest IOsorb iodine plant, IO#9, in Western Oklahoma. Construction is expected to take six months.
Allergy Therapeutics is set to resume operations at its Freeman facility in Worthing, UK from November 14. The AIM-listed biotech company voluntarily paused production following an internal review of its operating processes.