Closing summary
Oil and gas prices soared earlier, but have now retreated, while other commodities such as wheat, aluminium and nickel are still rising amid supply fears sparked by Russia’s week-long invasion of Ukraine.
Brent crude is trading 0.1% higher at $113.04 a barrel while rising through $119 this morning, a nine-year high. US light crude is at $110.09 a barrel.
British wholesale gas for next day delivery has risen 2% to 402.50p per therm, approaching the record high above 450p set last December. The Dutch April gas futures contract was up 1.7% this afternoon at €168.4 per megawatt hour, after hitting a new peak of €186 earlier.
The Russian rouble hit another record low today, falling to 118.35 per dollar in Moscow, while the Moscow stock exchange has been shut all week.
On Wall Street, the Dow Jones has edged up 0.3% to 33,991 while the Nasdaq is unchanged at 13,756 and the S&P 500 has edged 0.4% higher to 4,403. European shares also rose in early trading but later turned negative. The FTSE 100 in London has lost 107 points to 7,322, a 1.45% drop while Germany’s Dax has lost 0.75%, France’s CAC has slipped 0.1% and Italy’s FTSE MiB is 1.2% lower.
The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank. The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.
Ikea and other companies have temporarily suspended operations in Russia and Ukraine.
Burberry has ceased shipments to Russia effectively shutting down its online operation there. The company has three stores in the country, one of which is run by a franchisee, and these currently remain open but they are not receiving new deliveries.
Here are today’s other main stories:
Many thanks for reading. We’ll be back tomorrow. Take care, JK
Updated
Marks & Spencer has just put out a statement. It has suspended shipments to its Turkish franchisee’s Russian business.
It said it was “doing everything we can to support the people of Ukraine” and in response to the growing refugee crisis, announced a £1.5m package to support the UN Refugee Agency (UNHCR) and UNICEF to help children and families in need.
This is made up of a kickstart £500,000 donation to UNHCR with a further £500,000 for matched fundraising for all its global staff and double donations on Sparks transactions to support UNICEF, and activation of till-point and online giving in the UK.
M&S is also sending 20,000 units coats and thermals for families in need, worth a further £500,000, to Ukraine, where it temporarily shut its 10 stores a week ago. In Russia, it has 48 stores with 1,200 employees.
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