(Sharecast News) - London stocks were set for a muted open on Tuesday as investors digest the latest UK jobs data.
The FTSE 100 was called to open just three points higher at 6,029.
Figures out earlier from the Office for National Statistics showed the biggest rise in redundancies since 2009 due to the Covid-19 pandemic. The data showed that 156,000 people were made redundant in the May to July quarter, up 58,000 from the same period a year ago and 48,000 higher than between February and April.
Meanwhile, the unemployment rate increased to 4.1% in July from 3.9% the month before.
ONS director of economic statistics Darren Morgan said: "Some effects of the pandemic on the labour market were beginning to unwind in July as parts of the economy reopened. Fewer workers were away on furlough and average hours rose. The number of job vacancies continued to recover into August, too.
"Nonetheless, with the number of employees on the payroll down again in August and both unemployment and redundancies sharply up in July, it is clear that coronavirus is still having a big impact on the world of work."
In corporate news, online grocer and technology firm Ocado recorded a sharp rise in third quarter revenue driven by continued higher average spends as it forecast annual core earnings of £40m.
The company, which has started its new partnership with Marks & Spencer, said revenue in the 13 weeks to August 30 grew 52% to £587.3m with average weekly orders up 9.6% to 345,000.
Next has acquired a majority stake in the UK and Irish arm of L Brands' Victoria's Secret unit for an undisclosed sum as part of a joint-venture agreement. The unit went into administration in June after being forced to shut its 25 stores due to the pandemic.
Its owner was unable to clinch a sale to Sycamore Partners earlier in 2020. Next would own 51% of the new JV, which in turn would acquire most of Victoria's Secret's UK assets and operate its stores in the country and in Ireland. L Brands would own the remaining 49%.
Chemring said that, despite a challenging environment, trading in the year so far had progressed as planned, with order intake to 31 August up 4% on the same time last year and its order book standing at £452m. The company said its expected outturn for the year ending 31 October was towards the upper end of current analyst expectations.
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(Sharecast News) - London stocks were well into positive territory at the close on Friday, with banks pacing the advance after well-received results from Barclays, as investors shrugged off news that the UK's economic recovery was stalling.
Gunsynd, an investment firm operating within the natural resources sector, announced that it has invested C$0.25 million (around £0.146 million) into precious metals royalty and streaming company Empress Royalty Corp. The group said the move complements existing investments in the precious metals sector, adding new commodity exposure to silver.
Clinical stage drug development firm, Evgen Pharma, has been given the green light to kick-start its STAR trial which will investigate whether its lead asset, SFX-01, can reduce the severity, or prevent the onset of, acute respiratory distress syndrome in patients with suspected COVID-19.
Braveheart Investment Group, the AIM-listed investment firm, said its investee company, Pharm2Farm ("P2F"), will launch the sale of a new antiviral face mask that has a ‘kill rate’ of over 90% for up to 7 hours for COVID-19 by the end of the year.
London-listed Sensyne Health, the UK-based clinical AI company, announced that it has signed a research collaboration agreement with US pharmaceutical company Bristol Myers Squibb ("BMS"), marking its fourth successive partnership with a major pharma company.