FTSE 100 opened lower as UK GDP numbers underwhelmed against a backdrop of more headlines about shortages and rising food prices. London’s blue-chip index dropped 30 to 7,099 in early trades.
The UK economy grew by 0.4% in August, which was below forecasts, and helped by people dining out, going on holiday and flocking to festivals according to the ONS. Arts, entertainment and recreation grew 9% as lockdown restrictions were eased.
THG PLC (LSE:THG), the owner of online retailer The Hut, was under pressure again after a torrid Tuesday that saw it shed more than a third of its value. A presentation designed to reassure analysts and investors about the long-term prospects for its Ingenuity e-commerce platform spectacularly mis-fired. One newspaper said it was met with a “barrage of sell orders”.
NatWest Group PLC (LSE:NWG) has unveiled a new target to provide £100bn of Climate and Sustainable Funding and Financing (CSFF) by the end of 2025. Part of it will also help to support the investment needed for the UK to reach its net-zero goals as well as the bank's customers.
Among the small caps, Brickability Group PLC (AIM:BRCK) reported a 300% year-on-year rise in first-half revenues. The construction materials specialist is enjoying a resilient UK housebuilding sector.
Capital Limited (LSE:CAPD) has increased its revenue guidance for the second time this year after a strong third quarter. The Africa-focused mining service group said the tender pipeline looks very encouraging.
EQTEC PLC (LSE:EQT) has signed an agreement to buy a biomass-to-energy plant in North Eastern Greece. The area is one of the coldest regions in the Mediterranean country so the project is considered of public interest.
