FTSE 100 staggered badly in early deals as traders worried about rising inflation, shortages and the welter of other bad news around currently. London’s leading index tumbled 93 points or 1.3% to 6,984 in early deals.
On that note, petrol prices are heading towards an all-time high according to the RAC, the motorists’ organisation. The shortage of tanker drivers and rocketing crude oil prices are pushing costs higher.
Better news from Tesco PLC (LSE:TSCO) with an upgrade to its profit forecasts after a strong set of interim results. The grocery giant, which will begin a £500mln share buyback, and has so far managed to weather industry-wide supply chain issues.
Amazon.com, Inc. (NASDAQ:AMZN) has opened its first non-food store in the UK at the Bluewater shopping centre in Kent. It will only sell items that have been rated at least four stars on the website.
Among the small caps, Ariana Resources PLC (AIM:AAU) said gold was confirmed in all drill holes in current exploration at the Magellan project in Cyprus, identifying the deposit as a copper-gold-zinc mineral system. Three new mineralisation zones were identified.
Mirriad Advertising PLC’s (AIM:MIRI, OTCQX:MMDDF) in-content advertising technology is being used as a product placement tool during a UK television series for the first time. Rightmove data is being featured on Channel 4's peak time property show Location, Location, Location using Mirriad’s technology.
MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) partner AMC Holdings has placed its first order a little over a month after signing a supply deal worth up to US$24mln. The US$3mln purchase order is for CimetrA, MGC’s curcumin and Boswellia compound.