...By Henry George for TDPel Media.
Brent Crude fell by 2.4% to $71.82, the lowest since March, amid wider concerns about the economy.
Craig Erlam, senior market analyst for the UK and EMEA at OANDA, said, “Oil prices have been crushed again over the last 24 hours as US regional bank shares sold off heavily and fuelled fears of a more significant economic downturn this year.
He added that he believed the decline should be a warning to the Federal Reserve to pause its rate hikes.
Lloyds beats profit forecasts as lenders now look towards BOE rate hike
Lloyds Banking Group reported profit before tax of £2.3 billion for the first quarter, up from £1.5 billion in the same period a year ago, beating the £1.95 billion forecast by City experts.
Card Factory sales boosted as shoppers embrace High Street
Card Factory reported a 27.1% full-year sales jump with physical shops performing better than online.
The company saw annual revenue reach £463.4 million in the year to January 31.
BP down again but FTSE 100 higher, Pearson rebounds 6%
Shares in IAG, which trades as British Airways, Iberia and Aer Lingus, faded 3% or 4.55p to 147.5p despite Lufthansa reporting a 73% jump in passenger revenues as demand returns to above pre-pandemic levels on short and medium haul leisure routes.
The FTSE 100 index put back some of Tuesday’s 1% loss by adding 24.23 points to 7,797.26, helped by a rise of 6% or 49p to 803p for education publisher Pearson.
Nisa announces plans to open another 400 shops
Nisa has announced plans to open a further 400 shops this year as part of a continuing recruitment drive.
The group has already opened 130 new stores this year.
RS Group CFO quits amid ‘relationship with colleague’
The CFO of electrical parts distributor RS Group, David Egan, has quit with immediate effect after admitting to a “personal relationship with a colleague.”
Today, shares are down 2.6% to 889.4p.
British Land secures planning consent for urban logistics hub serving central London
Paddington is set to get a new ultra-low carbon logistics development that could help satisfy post-pandemic demand for very speedy deliveries, after property giant British Land got the green light for its first “microhub”.
The FTSE 100 developer has secured planning permission for a 121,000 square feet scheme called ‘The Box’ underneath its 5 Kingdom Street office tower.
Flutter UK revenue soars as sector braces for safer gambling reforms
Sky Bet and Paddy Power owner Flutter Entertainment saw UK revenue grow 17% in the final quarter before the Government announced safer gambling reforms that could cost the business £100 million a year.
CEO Peter Jackson said that the reforms in question couldn’t yet be implemented in the way the Government has proposed without changes to technology or data rules.
Pearson leads FTSE 100 recovery, Haleon falls 3%
The FTSE 100 index has recovered some of yesterday’s lost ground after adding 31.06 points to 7804.09 in today’s early dealings.
Education coursework publisher Pearson led the way, having fallen 14% yesterday after US-based Chegg highlighted the impact of AI chatbots on the growth of its homework-help services.
Among the blue-chips reporting today, Lloyds Banking Group edged up 0.2p to 47.88p and Flutter Entertainment improved 10p to 15,800p.
