The FTSE 100 was broadly flat on Wednesday as investors accessed the possible impact of soaring prices after petrol sent UK inflation to a 30-year high.

“This is now the sixth consecutive month of rising inflation, and the data tells a story of what millions are currently living – steeper bills on everything from petrol to food and fuel, and less left over at the end of each month to put towards their future,” said Colin Dyer, Client Director at abrdn.

Miners have enjoyed a rise as investors prepared for higher commodity prices, while fashion companies including JD Sports and Next saw their shares fall as the market no doubt eyed the coming decline in more frivolous consumer spending.

Miners such as Glencore, Fresnillo, Anglo American and Antofagasta shares gained 1.7% to 534p, 1.3% to 810p, 1% to 4,139p and 1.4% to 1,702p as investors flocked to the stocks which “thrive in an inflationary environment,” according to  Danni Hewson, Financial Analyst at AJ Bell.

Anglo American shares also benefitted from its rough diamond sale valued at $565m through De Beers earlier today.

Retailers such as JD Sports and Next saw its shares fall 2.5% to 144p and 1.7% 6,034p as investors assume consumer spending will take a hit with the rising inflationary pressure.

Tesco’s annual results served as an indicator for possible upcoming trends, with the Big 4 grocer warning that looming inflationary pressure could potentially eat into its shining profits in the next year.

“Inflation is an issue for the business, nonetheless. The coming months will be challenging for Tesco as it faces higher cost inflation and a potential shift in how consumers spend their money,” said Hewson.

“That explains why its share price has fallen nearly 5% on the results, and why Ocado and Sainsbury’s shares are also weak.”

Tesco’s shares lost 4% to 260p as challenging months ahead pushed investors away from the stock. The company plans to invest in the company to meet competitive prices offered by its competitors and has seen a change in consumer behaviour in the past financial year.

The supermarket reported a 2.5% rise in group sales to £54.7bn compared to £53.4bn in its last annual report and saw 58% rise in profits.

Peer food retailers Sainsbury and Ocado shares lost 3.1% and 4.6% to 237p and 1,129p, respectively.

The price of oil also enjoyed a slight uptick in price, with Brent Crude futures changing hands at $106 per barrel. Despite the far cry from the mid-March heights of $120 per barrel, the update was no doubt welcome news for oil companies, with Shell shares increasing 1.6% to 22,017p and BP stock rising 1% to 399.8p.

GlaxoSmithKline shares rose 0.7% to 1,796p as the company has entered into an agreement to acquire Sierra Oncology for £1.5bn through $55 per share of common stock in cash.

Meggitt gained 0.08% to 769p after the company announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S for £59m.

Oxford Biomedica shares were down 0.4% to 649p in late morning trading on Wednesday after the company announced the appointment of Namrata P Patel as an independent non-executive director.

The gene and cell therapy firm confirmed Ms Patel’s appointment with immediate effect earlier today.

“Namrata is a high calibre and timely appointment for Oxford Biomedica as we advance our manufacturing and CMC capabilities, whilst expanding our global presence,” said Oxford Biomedia interim CEO Dr. Roch Doliveux.

“We warmly welcome her to the Board and look forward to utilising her international manufacturing and supply chain expertise, as well as her experience in sustainability as we deliver on our aim of becoming a global fully integrated viral vector leader.”

Oxford Biomedica highlighted Ms Patel’s previous work experience, such as her 25-year history with Procter and Gamble, including her current position as SVP, product supply at the group’s Global Beauty Sector.

The company further noted her selection of senior positions across multiple major global markets, and her key role as part of the team delivering on Procter and Gamble’s 2040 Sustainability Ambition Goals for its Beauty Business Portfolio.

Patel has also held senior positions at several multi-national companies including Gillete, WH Smith and Coca-Cola, with a particular focus on international supply chain management.

She holds a masters degree in Logistics and Management from the Cranfield School of Management, and a BA in Public Administration and Marketing from South Wales University.

“Oxford Biomedica is at an exciting time in its development as it broadens its scope into AAV and significantly expands its manufacturing capacity to meet the growing global demand for its viral vector capabilities,” said Patel.

“I look forward to working closely with the rest of the Board and the management team as the Company continues to progress as a global leader in the gene and cell therapy space.”

GlaxoSmithKline shares were up 0.3% to 1,791p in early morning trading on Wednesday after the pharmaceutical company announced its acquisition of Sierra Oncology for $1.9 billion.

Sierra Oncology is a California-based late-stage biopharmaceutical firm with expertise in targeted therapies for the treatment of rare types of cancer.

GlaxoSmithKline reportedly sought to purchase Sierra Oncology after the company’s differentiated momelotinib was identified as a potential means to address critical unmet requirements of myelofibrosis patients with anaemia.

The group said that Sierra’s momelotinib would serve to complement GlaxoSmithKline’s expertise in haematology.

Myelofibrosis is a fatal form of bone cancer, which impacts the normal production of red blood cells, and normally requires transfusions due to the employment of the commonly used JAK inhibitor.

The treatment has proven difficult as a result of high patient levels of anaemia, with 40% of new patients presenting with the condition and an eventual rate of almost 100% in existing patients, which currently causes a treatment drop-out rate of 30% due to complications arising from the disease.

In January this year, Sierra Oncology made significant progress with its MOMENTUM phase III trial, which indicated that its momelotinib could potentially lead to a beneficial effect on anaemia, while also reducing the need for transfusions and treating myelofibrosis symptoms in patients.

Sierra Oncology currently anticipates a US regulatory submission in Q2 2022 and an EU submission in HY2 2022.

GlaxoSmithKline expects sales contributions to start in 2023 with an anticipated significant growth potential following the completion of the merger.

The acquisition will also support the development of a strengthened portfolio of new specialised medicine and vaccines for the pharmaceutical giant.

“Sierra Oncology complements our commercial and medical expertise in haematology,” said GlaxoSmithKline CCO Luke Miels.

“Momelotinib offers a differentiated treatment option that could address the significant unmet medical needs of myelofibrosis patients with anaemia, the major reason patients discontinue treatment.”

“With this proposed acquisition, we have the opportunity to potentially bring meaningful new benefits to patients and further strengthen our portfolio of specialty medicines.”

The value of rough diamonds sold by Anglo American for De Beers’ third sales cycle in 2022 amounted to $565m on a provisional basis announced Anglo American on Wednesday.

Anglo American is a leading worldwide mining business that uses the newest technologies to explore new resources and to mine, process, move and market its products to its clients, all while being safe and sustainable.

The company aims to be carbon neutral across its businesses by 2040 as a responsible producer of diamonds through De Beers where Anglo holds 85% ownership.

De Beers Group has continued to employ a more flexible approach to rough diamond sales during the third sales cycle of 2022, with the Sight event prolonged beyond its regular week-long period, due to constraints on the movement of people and products in various jurisdictions across the world.

As a result, the provisional rough diamond sales number for Cycle 3 represents the estimated sales value for the period 28 March to 12 April and is subject to change based on final completed transactions.

The sales value of the uncut diamonds for De Beers is $565m on a provisional basis for Cycle 3 2022. In Cycle 3 2021, the actual sales value of the rough diamonds amounted to $450m.

Bruce Cleaver, CEO, De Beers Group, said, “On the back of robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022, and reflecting continued year-on-year growth in consumer demand for diamond jewellery, demand for De Beers Group rough diamonds remained strong in the third sales cycle of 2022.”

“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China.”

Anglo American shares gained 1% to 4,138p in early morning trade on Wednesday.

Tesco shares were down 5% to 256.8p in early morning trading on Wednesday, after the Big 4 grocer cautioned investors of potential market disruption and a widened profit guidance over 2022 in its preliminary results for the past year.

The supermarket reported a 2.5% rise in Group sales to £54.7 billion compared to £53.4 billion in its last annual report.

Tesco also announced a 2.5% increase in Group sales to £54.7 billion compared to £53.4 billion for 2020 to 2021, alongside an adjusted operating profit surge of 58% to £2.8 billion against 1.7 billion the previous year.

The Group highlighted a 2.2% rise in like-for-like sales across its UK and Republic of Ireland customer base, which the supermarket attributed to strong sales, reduced Covid-19 costs and a return to profitability in Tesco Bank.

Tesco Bank swung back to a profit of £176 million compared to a loss of £175 million, and a revenue of £922 million against £735 million last year.

The company also reported an adjusted diluted earnings-per-share rise of 88% to 21.8p compared to 11.5p.

However, the supermarket caveated its optimistic results with a warning to investors that its profit guidance for the next year would be widened to an adjusted operating profit between £2.4 to £2.6 billion.

Tesco said that it currently anticipates a wide selection of disrupting factors, including post-lockdown customer activity, cost inflation and significant investment to retain market price position.

The grocer announced a 19% dividend increase to 10.9p per share compared to 9.1p the previous year.

Tesco further announced the rollout of £750 million in share buybacks by April 2023, following its earlier £300 million buyback scheme.

“Over the last year, we delivered a strong performance across the Group, growing share in every part of our business,” said Tesco CEO Ken Murphy. 

“We did this by staying focused on our customers and doing the right thing for our colleagues, our supplier partners and the communities we serve.” 

“I want to thank all of our colleagues who did a brilliant job navigating the ongoing pandemic, dealing with the supply chain challenges in the industry and tackling the onset of increasing inflation.”

The Board of Directors of Polymetal has decided to postpone the decision on the final dividend payment for 2021 due to geopolitical tensions announced by the Russian miner on Wednesday.

The company’s latest announcement has led Polymetal shares to lose 4% to 255p further hurting the stock.

The Russia Ukraine war has impacted Russian companies such as Polymetal in the worst ways with sanctions and bans. Significant changes in operating conditions that the group has experienced in recent weeks have been considered by the Board before delivering the company’s latest announcement.

As a result of this analysis, the Board has determined that it is no longer appropriate to recommend or declare the final dividend payment for 2021, which was scheduled to be presented to shareholders for approval at the Annual General Meeting on 25 April 202.

The Board has decided to postpone the dividend payment decision to August 2022 along with the interim dividend decision for 1H 2022 as a result of restrictions on Russian banks and the economy, which is increasing concern about the availability of funds for Polymetal.

Liquidity constraints and supply chain constraints have resulted in higher working capital requirements for the company whilst lower credit availability and a much greater cost of capital have put pressure on the balance sheet.

Due to the various factors standing in the way for the Board, the resolution on the 2021 final dividend payment that was scheduled to be presented to shareholders for approval at the Annual General Meeting on 25 April 2022 will be withdrawn.

A recent addition to the Board, Riccardo Orcel, Chair of the Board said “We have thoroughly re-evaluated the Board’s March recommendation on dividends taking into account recent changes in macro and regulatory environment and unanimously have come to a conclusion that the payment decision should be postponed in order to sustain the stability and liquidity of the business.”

“We will continue to monitor the operating, funding and regulatory conditions in which the business operates, hoping that stability is restored, improving visibility which would allow us to return to our cash distribution policy.”

The international engineering company Meggitt, announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S for a cash consideration of £59m on Wednesday.

Meggitt has agreed to sell Meggitt A/S to CTS Ceramics Denmark A/S for £59m in cash, subject to net debt and working capital adjustments.

Meggitt A/S produces high-performance piezoelectric ceramic components for medical and industrial use.

The sale is in line with Meggitt’s objective of producing sustainable and innovative solutions for its main end industries of aerospace, defence, and energy, and it comes after a string of sales in the last four years.

Meggitt A/S had gross assets of £23m at the end of the 2021 financial year including goodwill and other intangible assets deriving from the original acquisition of the business and profit before tax of £2.9m.

The completion of the project is contingent on the acquisition of all necessary governmental approvals as well as the fulfilment of other customary closing conditions.

The cash proceeds will be utilised to pay down debt and for general company purposes once the transaction is completed.

Meggitt shares fell 0.1% to 768p after the company announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S.

Plus500 shares surged 6.2% to 1,571p in late afternoon trading on Tuesday following the company’s report of a 68% spike in revenue to $270.9 million against $161.1 million over its latest quarter.

The trading firm announced an dramatic EBITDA increase of 128% to $161.6 million compared to $70.9 million, and an EBITDA margin of 60% against 44% in Q4 2021.

The company said that it currently expects its financial results for 2021 to perform ahead of market expectations.

Plus500 marked a slight 2% uptick in new customers to 33,740 compared to 33,187 last quarter, alongside a 3% increase in active customers to 176,642 against 171,922.

The firm reported a series of company high points, including its continued expansion into Europe with its new Estonian licence.

The group further celebrated its expansion into Japan through its acquisition of EZ Invest Securities, and its ongoing integration of its US acquisitions.

Plus500 said that its growth was driven by consistently robust levels of customer income, with its lean and flexible cost base supporting its high EBITDA and EBITDA margin figures.

The company also noted the rollout of its Plus500 invest share dealing platform iOS and Android releases, with the platform’s advancement on track according to the group’s management schedule.

The fintech firm added that its cash balance remained strong with $886.6 million, as a result of continued high performance in cash generation across the quarter.

“Plus500 has produced excellent results for Q1 2022, continuing our significant operational and financial momentum over recent years, and validating our clear strategic roadmap,” said Plus500 CEO David Zruia.

“Our on-going investments in developing our position as a global multi-asset fintech group will enable future growth.”

“In particular, we continue to make organic investments in technology, marketing and our people, as well as actively targeting additional acquisitions and initiating potential strategic partnerships.”