The FTSE lost ground with miners dragging on the index as retail sales volumes fell

The Market Report with Katie Pilbeam.

The FTSE 100 lost 33 points in early trading, down to 7,162. Mining companies continue to drag the index, with any significant economic downturn likely to hit the demand for commodities.

Retail sales volumes fell to a rate “not seen since the depths of the pandemic” following the third consecutive monthly decline. The British Retail Consortium said the value of total sales was 1% lower in June than a year ago.

Klarna suffered an 85% drop in its valuation to US$6.7bn. The price tag placed on the “buy now, pay later” credit provider in its latest funding round compares with the US$45.6bn valuation achieved last June.

Anglo American announced the opening of a new copper mine in Peru. The Quellaveco operation is expected to deliver around 300,000 tonnes a year at full nameplate capacity and required around US$5bn of investment to take into production.

Among the small caps, AdEPT Technology restored its dividend after a year of growth. The IT services specialist said the strong trading momentum witnessed in the final three months continued into the new financial year.

Destiny Pharma said it will carry out a research project backed by the Cystic Fibrosis Foundation to assess the potential use of the former’s drug in treating people with a lung condition. Destiny will have access to clinical isolates collected from people with cystic fibrosis.

KEFI Gold and Copper has been awarded two additional exploration licences via its joint venture company Gold and Minerals Limited in Saudi Arabia. The licences have been awarded on an initial five-year term.

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