FTSE 100 jumped back near the 7,000 mark even though government borrowing was higher than expected in August. London’s leading index added 64 points to 6,968 in early trading.
The UK government has decided to keep the cap on how much energy suppliers can charge customers to protect the public from the rocketing prices. However, it’s putting pressure on companies that have to still pay hefty amounts to energy producers.
National Express PLC (LSE:NEX) is in talks about a takeover of rival Stagecoach PLC (LSE:SGC) that would combine their rail and bus services and slash the operating costs. The enlarged company would be worth about £1.75bn.
Kingfisher plc (LSE:KGF) has upgraded its sales outlook but trading will be lower than last year and above 2019 levels. People have been focusing less on home improvement as lockdowns were phased out.
Union Jack Oil PLC (AIM:UJO) said production from the Wressle field in Lincolnshire continues to run above expectations. Gross production rates exceed 950 barrels oil equivalent per day, comprising 884 barrels of oil and 480,000 cubic feet of gas.
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) has discovered 37 hard rock artisanal gold workings across its Gabal om Ourada and Wadi Dubur projects in Egypt following initial field reconnaissance. The longest working was mapped for more than 370 metres, with five others mapped for more than 100 metres.
United Oil & Gas PLC (AIM:UOG, FRA:1UO) told investors that its 22% owned ASX-1X exploration well in the Abu Sennan licence, onshore Egypt, has encountered at least 10 metres of net oil pay across reservoirs. The well will now be completed and tested, and subject to a successful test.