FTSE little changed as investors await mini-budget

FTSE 100 was little changed on the open, losing 6 points to 7,152. Today’s emergency mini-budget will make the headlines, with businesses and households alike waiting to see what help could be made available.

Consumer confidence fell to another low amid concerns about personal finances. GfK’s Consumer Confidence Index fell five points in September to minus 49, the lowest since records began in 1974.

Boeing agreed to pay $200mln to settle allegations it misled investors about the safety of its 737 Max plane. The model was grounded for 20 months back in 2019 after two fatal crashes.

Smiths Group reported its fastest growth in nearly a decade in its full-year results. Organic revenue was up 3.8%, ahead of expectations, said the FTSE 100 engineer.

Longboat Energy shares shot higher on news the Oswig exploration well had encountered hydrocarbons and the operator has opted to drill a sidetrack. Oswig, in the Norwegian North Sea, was drilled to a depth of 5,003 metres to target the Tarbert and Ness formations.

Chill Brands is to sponsor “Lads, Dads & a Couple of Beers”, a mental health podcast aimed at men. “We will shortly be relaunching our brand and the Chill.com website, both of which will champion relaxation and improved mental health,” said the CBD specialist.

Roquefort Therapeutics said it aims to have one of its anti-cancer pre-clinical assets clinic ready by the second half of next year. Oncogeni, which it just acquired for £5.5mln, has been key in transitioning Roquefort into a material oncology biotech company, it said.

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