FTSE 100 is making good gains this morning led by BP on another huge profits number a major oil group. The blue-chip index is up 47 at 7,620.
BP announced its largest annual profit for 8 years amid soaring energy prices. Bernard Looney admitted the company had become a "cash machine" thanks to the higher cost of oil and gas.
Retail sales rose by 11.9% in January compared with 2021 according to the British Retail Consortium. Cost of living rises mean the pace is likely to slow added the trade body.
Ocado shares fell again as the delivery group said orders and deliveries had been impacted by the tight labour market. Basket sizes had dropped back to pre-pandemic levels though revenue for the year to November came in at £2.5bn, a rise of 7.2%
Among the small caps, Nuformix announced its global licensing partner has signed a service contract with Quotient (NASDAQ:QTNT) Sciences to support the development of its flagship drug. The drug, NXP001, is currently marketed for cancer chemotherapy induced nausea and vomiting.
Round Hill Music Royalty confirmed it has acquired a significant majority of the rights of American
rock band, Alice In Chains. The acquisition covers the publishing, masters and neighbouring rights of the band.
Blencowe Resources said results from its drilling programme in Uganda had delivered some outstanding high grade graphite. All intercepts were at or near surface, the junior added.
