FTSE posts modest gains as figures show shoppers are cutting back on fuel and clothing

The Market Report with Katie Pilbeam.

FTSE 100 made marginal gains with miners led the pack, though the advances of Rio Tinto and Glencore were under 1%.

Retail sales dipped in June, albeit less than experts had expected, reflecting an economy grappling with record food and fuel prices. Clothing and household goods were hit particularly hard, according to data from the ONS.

BT and Warner Bros joint venture has been approved by the UK’s competition watchdog, allowing the creation of a new sports channel. The CMA had opened an investigation over the deal in early June but has decided against taking the issue further.

JD Sports said sales remain ahead, with profit for the year expected to be in line with last year’s “record performance.” The fashion retailer said sales in the first five months of the financial year are 5% ahead of the same stage 12 months prior.

Stanley Gibbons, which owns the famous stamp emporium at The Strand, unveiled plans to delist from AIM after a turbulent two decades as a public company.

The owner of the UK’s largest steelworks has reportedly said it needs the government to agree to provide £1.5bn in subsidies to help it transition to greener production methods. India’s Tata group owns the vast Port Talbot steelworks in south Wales.

Mirriad Advertising expects to generate £2mln of revenue this year, in line with the last, as it refocuses spending away from the Chinese market. Global turnover was down 50% in the first half.

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