Petropavlovsk discusses debt restructuring, Polymetal maintains FY guidance

London pre-open

The FTSE 100 was being called to open just 2.7 points higher ahead of the bell on Wednesday after wrapping up the previous session 0.86% firmer at 7,537.25.

Stocks to watch

Russia-focussed gold producer Petropavlovsk said on Wednesday that it was in the early stages of discussions with advisers and Gazprombank relating to a potential restructuring of the group's debt.

Petropavlovsk stated that following the inclusion of Gazprombank on the UK sanctions list, it had been prohibited from repaying more than $10.0m it owed to the bank as a consequence of the regulations.

Gold miner Polymetal maintained full-year production guidance and said operations in Russia and Kazakhstan had continued undisrupted.

The London-listed company said on Wednesday that bullion sales had remained unaffected by sanctions on Russia as a result of the country's invasion of Ukraine and that production guidance for 2022 of 1.7m ounces of gold equivalent would remain in place.

Newspaper round-up

Competition investigators raided the offices of outsourcer Mitie and are examining the emails of senior staff, after the Home Office raised concerns about suspected anti-competitive behaviour, the Guardian understands. The Competition and Markets Authority is examining the relationship between Mitie and US firm PAE, who operate a joint venture for the Ministry of Defence but were also competing to run Home Office immigration removal centres, at Derwentside, in Coutry Durham, and Heathrow. - Guardian

The business secretary has effectively ruled out a windfall tax on North Sea oil firms to fund discounted energy bills but promised much greater investment in solar panels, wind and nuclear to reduce reliance on Russian oil and gas. Speaking amid reports of a cabinet split over landmark energy security plans due to be published within days, Kwasi Kwarteng offered up a tax on oil companies, backed by Labour, as the one policy that definitely will not find favour with ministers. - Guardian

England faces being carpeted with solar panels covering an area close to the size of Exmoor under plans being considered as part of Boris Johnson's green energy drive. The Prime Minister is preparing to meet with chief executives from the renewable energy industry on Thursday to encourage them to boost production as Europe fights to wean itself off Russian oil and gas. - Telegraph

The British cryptocurrency sector faces a crunch moment this week when a deadline for firms either to secure the approval of the City regulator or to put a stop to their UK operations is set to expire. The Financial Conduct Authority's temporary registration regime for companies offering crypto services in the UK is due to end on Thursday. - The Times

Randox, the private diagnostics company that was handed Covid-19 testing contracts worth as much as £777.0m, has delayed the release of its audited accounts by two months. The Northern Ireland-based business owned by Peter FitzGerald, 71, its founder and managing director, said the delay was down to PwC, its auditor, and its own finance team being hit by Covid-related absences. - The Times

US close

Wall Street stocks closed higher on Tuesday following the release of some key economic data and word of some potential progress in talks between Russia and Ukraine.

At the close, the Dow Jones Industrial Average was up 0.97% at 35,924.19, while the S&P 500 was 1.23% firmer at 4,631.60 and the Nasdaq Composite saw out the session 1.84% stronger at 14,619.64.