Market Report: Rising oil prices remind investors of the inflation risk brewing

FTSE100 beat a retreat in early trading as rising oil prices reminded investors of the inflation risk brewing. London’s blue-chip index dropped 45 to 7,062.

Adding to the concerns, petrol prices are at a two-year high according to the RAC. A litre now costs129.27p on average, the highest since August 2019.

Reddit favourite AMC (NYSE:AMC) meanwhile nearly doubled as retail investors were wooed with promises of free popcorn. The frenetic trading saw shares in the cinema chain that owns the Odeon chain in the UK jump 95% as so-called meme stocks rocketed higher on Wall Street.

Broadcaster ITV is back in the FTSE 100 after a nine months absence at the expense of engineer Renishaw. Royal Mail had already sealed its place in the index.

Among the small caps, Advanced Oncotherapy PLC (LON:AVO) has signed an initial agreement with Swiss asset manager Saba Partners. It covers the proposed purchase of the company’s proton therapy system for cancer for up to £75mln.

SIMEC Atlantis (LON:SAE) has teamed up with Remediate, a company with patented technologies that utilise waste gases to deliver algae products. The pair will work on SIMEC’s power station conversion project in Wales.

Jubilee Metals (LON:JLP) said it has entered into long-term platinum feed supply agreement with a chrome mining customer. The deal signals Jubilee’s expansion into the Eastern Limb of the Bushveld Complex in South Africa.

Story by ProactiveInvestors