FTSE opens lower despite inflation falling

FTSE 100 was changing hands 52 points lower at 7,334 in early morning trade despite the first drop in inflation for almost a year. Prices climbed 9.9% in August, down from 10.1% the month before.

Twitter shareholders approved the deal for Elon Musk to buy the company for £38bln. The social media giant will now try and force the world’s richest man to purchase it despite his U-turn preference.

The rise in food prices was the main reason that inflation remained elevated. Experts expect increases in the coming months as the energy price cap will only limit and not cut bills.

Dunelm said it is on track to deliver 2023 results in line with expectations “despite an extremely challenging environment.” The group reported a jump in profits and revenues for 2022.

CentralNic acquired tech firm Aporia for US$11.2mln net in cash. Aporia is already an exclusive supplier to CentralNic, so it will have no immediate impact on revenue.

Pan African Resources reported an increase in full-year pretax profit on record gold production. The group said it expects its production for the 2023 financial year to be in line with 2022’s level.

XLMedia expanded its partnership with Advance Local and its MassLive.com brand. Specifically, it will focus on creating content, managing commercial deals and executing monetisation strategies.

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