FTSE 100 pushes higher despite energy price cap hike

FTSE 100 was seen higher as the week draws to a close, up 27 points to 7,506. Mining stocks Rio Tinto, Anglo American and Antofagasta provided early support.

The energy price cap will rise to £3,549 in October. Consumer expert Martin Lewis warned government intervention is needed or people will die.

Cornwall Insight, after today’s news, upped its energy cap forecasts for 2023. The market researcher now predicts that bills will rocket past £6,600 from April next year.

OpenText is taking over Micro Focus in an agreed deal worth £5.1bn, including debt. Micro Focus shareholders will receive 532p per share, a 98% premium to Wednesday’s close.

Audi will be joining the racing franchise Formula 1 in 2026, officially registering as a power-unit manufacturer. It is unclear whether it will run its own team, or just supply engines at this stage.

Mode Global received approval from the FCA to add multiple crypto tokens to the Mode App. The London-listed fintech will add 10 new tokens later this year that users can buy and sell.

Union Jack Oil said the Wressle operation onshore Lincolnshire generated US$9mln in net revenue in the year since production recommenced. UJO, which has a 40% interest, said it was continuing to see zero water from the operation.

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