FTSE 100 shrugs off modest dip in UK economy to head higher

FTSE 100 opened higher, up 24 points to 7,490. This was despite the UK economy shrinking by 0.1%, although this was better than previous forecasts of 0.2%.

AstraZeneca’s drug Enhertu was given the green light in America. The drug is to be given to patients with inoperable tumours and advanced cell lung cancer.

Flutter reported losses in the first six months of 2022 as the bookmaker continued to pour money into US operation FanDuel. Excluding it, underlying profits dropped only 11%.

888 reported a fall in revenue and profits in the first half of the year. However, it believes the business is on a “stable trend” for the rest of 2022.

Among the small caps, IQGeo said it acquired its Belgian rival, turning to investors to help part-fund the deal. The purchase of COMSOF accelerates the company’s move into wide fibre networks.

Eco (Atlantic) said the rig that will drill a well in offshore South Africa is currently making its way to the site. Work is expected to get underway towards the end of next month and will take 25 days.

ADM Energy announced the completion of the 17th cargo lifting at the Aje Field, offshore Nigeria. Proceeds of the lifting will be used to continue work on the development plans for the Aje field.

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