Energy prices dominate mood while oil hits $80 after Opec agrees to

Good morning, this is the market report you’re with me Katie Pilbeam. 

The FTSE 100 is currently up in positive territory at around 10am here in the British capital after taking an early tumble. It’s still a quiet trading session here in London as investors ease back in the new year. 

Rising energy price is still a huge topic here in the UK as energy suppliers warn that average gas bills could rise to more than £2,000 a year in April, when a cap on prices is revised upwards – putting pressure on the government to take action now to bring down the cost of living for those likely to struggle.  Meanwhile Chancellor Rishi Sunak has warned that there is a limit to how much help the government can give to offset soaring energy prices. 

Staying with energy, oil companies are also helping the recovery despite a dip in the crude price as OPEC+ stuck with its plans to increase production by 400,000 barrels a day in February. 

And all of those Turkey and parsnip orders worked a treat for Ocado Group – it’s the top riser this morning. But for the industry itself, Christmas grocery sales slipped from the record levels seen in 2020 but were stronger than pre-pandemic figures, according to the latest report from consultancy Kantar.
But food price inflation was at its highest for four years, excluding a brief period in spring 2020 when promotions were cut amid product shortages.

Power Metal Resources PLC (AIM:POW) (Power Metal Resources PLC (AIM:POW)) chief executive Paul Johnson has said the work completed during the final quarter of 2021 has set the company up well for the coming year.

And Oxford Biomedica PLC has signed a new license and supply agreement with US biotech company Cabaletta Bio, Inc.

And finally Belvoir Group PLC (AIM:BLV) (Belvoir Group PLC (AIM:BLV)) has named Michelle Brook as the new financial services director with immediate effect.