FTSE 100 follows losses made in US and food prices jump at fastest rate since global financial crash

FTSE 100 opened lower, down 23 points to 7,337. London’s blue-chip index followed further falls in the US and a mixed showing in the Asian markets.

Food prices jumped at the fastest rate since 2008 in August – climbing 9.3% year on year. Russia’s invasion of Ukraine impacted fertiliser, vegetable oils, wheat and animal feed.

Asda snapped up the Co-op’s petrol stations business for £600mln including cash and leases. The 132 stores being acquired generated net sales of £863mln in the year to June.

Shoe Zone upped its profit outlook for the third time in as many months on strong back-to-school and summer shoe demand. Shares were up 10%.

AfriTin posted its first-ever annual profit as production soared from its Uis tin mine in Namibia. Production over the year to February 2022 rose by 70%.

Futura Medical believes its MED3000 gel is ideally suited to becoming America’s first over-the-counter treatment for erectile dysfunction. It successfully negotiated a US phase III clinical trial.

Alien Metals said its Australian iron ore subsidiary granted Anglo American an exclusive right to negotiate project funding and offtake arrangements for the Hancock iron ore project. The global mining giant has the right to negotiate up to US$15mln in funding.

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