Investment - Grim start for London as temperatures and markets fall with quarantine blues and Burberry goodbyes: Proactive

 

28 June 2021

Proactive

42K subscribers

 

FTSE 100’s mood matched the weather with worries over European quarantines due to the Delta variant and Burberry’s shock CEO departure dragging it lower. The blue-chip index shed 27 at 7,108.

 

Burberry chief executive Marco Gobbetti stunned the luxury goods group by announcing he is to leave at the end of the year. He said he wants to move back to Italy and is joining competitor Salvatore Ferragamo where he will be the Milan-listed luxury group’s CEO.

 

Greggs PLC (LON:GRG) said the sales recovery after the lifting of restrictions has been stronger than anticipated. If it were to continue, it would have a “materially positive” impact on the expected financial result for the year said the bakery chain.

 

Britain has banned Binance, the world’s leading cryptocurrency exchange over concerns about rising levels of crime. The Financial Conduct Authority said that the firm cannot conduct any "regulated activity" in the UK and issued a warning about its website, Binance.com, and adverts promising high returns on crypto-based investments.

 

The City Pub Group PLC (LON:CPC) is currently trading profitably and at 90% of 2019 levels after reopening 42 out of 48 pubs. The publican is generating cash and is looking at new acquisition opportunities.

 

Caerus Mineral Resources PLC (LON:CMRS) has agreed to buy Cyprus Gold Mines, a private exploration and mining company, for £300,000. The miner is expanding its portfolio in Cyprus.

 

Guild Esports PLC (LON:GILD) has won its third major trophy. Its pro-player TaySon has achieved first place in the Fortnite Champion Series All-Star Showdown last week.