FTSE opens flat with Avast charging forward, Taylor Wimpey optimistic and energy price cap concerns

“FTSE 100 opened marginally lower, down 22 points to 7,387. Avast charged forward as the index’s biggest riser, up 43%, after the UK Competition and Markets Authority provisionally cleared its takeover by NortonLifeLock.

Rolls-Royce said the Spanish government approved the sale of its subsidiary, ITP Aero, to a private equity consortium. The sale received its final regulatory authorisation and will be completed in a few weeks.

Taylor Wimpey expects this year’s operating profit to be at the upper end of estimates. The UK housing market continues to defy the economic slowdown.

The energy price cap will remain above £3,500 a year throughout most of next year, according to energy consultancy Cornwall Insight. UK households are set for the toughest winter in decades as prices continue rising.

Among the small caps, Chill Brands ended the sale and marketing of its synthetic nicotine products in the US following tougher US regulations. Additional restrictions for synthetic nicotine products created “substantial costs” for manufacturers and retailers.

Custodian REIT sold an industrial unit in Milton Keynes at a 73% premium to its valuation in March 2022. The property investment company sold the warehouse and distribution unit for £8.5mln.

Technology Minerals said battery boxes developed by a company in which it has a 49% stake have received UN-standard safety certification. The Halo technology created by Recyclus adheres to certain strict criteria for the transportation of lithium-ion batteries.”

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