FTSE 100 opened lower than expected as a raft of ex-dividends outweighed bumper numbers from electric vehicle maker Tesla. The blue chip index was down 3 at 7,626 in the early trades.
Tesla posted another record quarter for profits, beating market expectations despite ongoing supply chain issues. Shares jumped 4% in after-hours trading as boss Elon Musk said deliveries this year should rise by 60%.
One of Netflix’s largest shareholders, Bill Ackman, has sold his stake in the company, adding to the uncertainty surrounding the streaming service. It is estimated his hedge fund has lost over US$400mln as a result.
THG, better known as The Hut Group, said it has received indicative bid proposals from a number of potential suitors in recent weeks, but deemed them “unacceptable” for failing to reflect the “fair value” of the online retail platform. Revenue growth in its first quarter slowed to 17.2% year-on-year.
Gear4music warned revenues and earnings will be less than expected as rising inflation and weaker demand hit adding the first half of 2023 "may be more challenging". The largest UK-based online retailer of musical instruments and music equipment said underlying profits in the year just ended will be below consensus.
Base Resources, the mineral sands miner, reported record revenue for the March quarter as strong demand supported further price increases for all of its products. Sales revenue jumped to $740 per tonne from $478 in the year-earlier quarter.
Neuroimaging pioneer Ixico has won a contract with an unnamed biotech worth around £800,000 to provide its expertise in assessing the progression of Huntington's Disease. Specifically, it will support a global observational study to assess participants for early detection using its artificial intelligence-led data analytics.
