Market Report – New tax on renewable energy producers

The FTSE 100 was down very slightly in early trading as the markets reacted to data showing a contraction in the UK’s GDP.

Lloyds Bank completed the £2bn share buyback it announced in February.

Britain intends to implement a temporary “de-facto windfall tax” on renewable energy producers, who have been benefiting from the high cost of producing energy by any other means.

IT company Darktrace said the drag from FX rates will see most of its sales occur in the first half of 2023 but reaffirmed full-year revenue growth.

Coro Energy has been endorsed by the Philippines Department of Energy for its first 100MW wind project.

Hostelworld (LSE:HSW) confirmed it is “well positioned for profitable growth” after sales exceeded pre-pandemic levels in September.

And Caledonia Mining reported record gold production from the Blanket Mine in Zimbabwe for the third consecutive quarter. It produced 21,120 ounces of gold in the three months to end September.

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