Fracking stocks soared after the ban on onshore shale gas drilling was lifted.
As war rages in Ukraine, Business Secretary Jacob Rees-Mogg said strengthening energy security is an “absolute priority.”
He added: “To achieve this, we will need to explore all the paths available to us through solar energy, wind, oil and gas production, so it is only right that we take the pause off to realize any potential sources of domestic gas.”
Green light: Cuadrilla fracturing site in Lancashire. Government expects more than 100 oil and gas licenses to be issued after fracking ban lifted
The government expects more than 100 new oil and gas licenses to be issued. The moratorium was introduced in 2019 due to concerns that fracking would cause small earthquakes or aftershocks.
After the lifting of the ban, Egdon Resources shares rose 14.2%, or 0.9p, to 7.25p, while Igas Energy shares rose 10%, or 7.8p, to 85.8p.
Igas Interim Executive Chairman Chris Hopkinson said: “Shale gas developments could provide the UK with reliable and affordable energy in the near future, helping to decouple the UK from volatile and competitive international gas markets.”
Charles McAllister of UK Onshore Oil and Gas said the news gives the UK the opportunity to become an energy exporter by 2040 after the lowest level of energy production in more than 50 years in 2021.
As central banks around the world struggle to cope with rising inflation, the FTSE 100 fell 1.08%, or 78.12 points, to 7159.52, while the FTSE 250 fell 2.05%, or 382.98 points, to 18,331.69.
Ahead of Chancellor Kwasi Kwarteng’s emergency mini-budget today, the Bank of England raised interest rates by 0.5 percentage points to a 14-year high of 2.25%, just a day after the US Federal Reserve announced a 0.75 hike. percentage points.
Stock watch – Ceres Power
Ceres Power fell after it said most of the revenue from its China business will not be generated until next year.
Although the fuel cell developer expects its joint ventures in the country to be signed this year, they are unlikely to be approved before early 2023.
This means he will not receive about half of the £30m in licensing fees from businesses he expected in 2022. He now expects his annual income to be lower than last year.
Shares fell 15.8%, or 74.9 pence, to 400 pence.
Meanwhile, the Bank of Japan intervened for the first time since 1998 to appreciate its currency.
In London, mining giant Glencore was at the forefront after JP Morgan raised its target price to 640p from 590p. It rose 0.8%, or 4 pence, to 490 pence.
Rio Tinto rose 2.3%, or 108p, to 4,828p, while Antofagasta fell 0.2%, or 2p, to 1,108p, as prices for metals, including copper, rose.
Shares in pharmaceutical giant AstraZeneca fell 1.6%, or 156 pence, to 9,934 pence despite its ovarian cancer drug being approved by Chinese regulators.
Sainsbury’s is one step closer to selling and then leasing 18 stores to property investor LXi Real Estate Investment Trust for £500m.
LXi is meeting with investors as the purchase can only happen if it raises funds. Sainsbury’s rose 0.5%, or 0.9 pence, to 195.7 pence, while LXi fell 6.5%, or 9.2 pence, to 131.8 pence.
Segro COO Andy Gulliford said he plans to retire next year after nearly a decade in the role and 18 years with the warehouse giant. It fell 5.3%, or 44.8 pence, to 805 pence.
Despite the positive update, Halma shares fell 3.9%, or 83p, to 2025p, beating November’s half-year results.
The security equipment maker maintained its full-year revenue and earnings guidance, helped by a weaker pound sterling.
PZ Cussons, maker of Imperial Leather soap, reported a 1.7% drop in revenue to £592.8m for the year to May 31, while profit fell 2.9% to £66.6m.
Regardless, he made a “good start” in the first quarter. It rose 2.1 percent, or 4 pence, to 199.2 pence.
Aston Martin fell 9.6%, or 15.9 pence, to 149.2 pence. Kepler Cheuvreux analyst Thomas Besson said the luxury car maker still has too much debt despite fundraising efforts.
Shares in gambling software group Playtech fell 10.2%, or 48.2 pence, to 425.8 pence after warning it was in danger of failing as the war continued in Ukraine, where it has more than 700 employees.
In the six months to the end of June, revenue was up 73% to £691m and profits were up 64% to £178m.
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