London’s FTSE 100 starts the week on the back foot as the pound continues to weaken

FTSE 100 was down in mid-morning trading, losing 47 points to 6,971. Friday’s emergency budget announcement continues to pile pressure on the pound.

The pound plummeted to US$1.03 against the dollar, a record low. Investors rushed toward America’s currency following the Chancellor’s unveiling of the biggest tax cuts seen in 50 years on Friday.

Unilever’s boss, Alan Jope, intends to stand down at the end of 2023 after five years in the role. It will end a career with the company spanning more than 35 years.

Aldi profits sank 79% in 2021 but insisted trading has accelerated in the last six months. It gained 1.5mln customers in three months as the German discounter became the UK’s fourth largest supermarket.

Guild Esports signed its largest sponsorship to date after announcing a three-year deal with Sky UK. The agreement will allow it to create an all-female Rocket League team alongside its female Valorant team which was launched last September.

Versarien inked a commercial agreement with BiaBrazil, a Brazilian sport and activewear manufacturer. The deal will see an integration of Versarien’s Graphene-Wear technology into a new range of women’s and men’s activewear garments.

Zamaz, the e-commerce and retail technology group, made its first acquisition since listing earlier this month. Its Italian online groceries subsidiary Bella Dispensa is paying up to €972,500 for Ecocarni, a premium meats business.

You might like

© 2022 The Latest StockMarket News and Interviews