FTSE 100 Live: Brent price rises again, activist joins Unilever board

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Nelson Peltz joins Unilever board

Activist investor Nelson Peltz is to join Unilever’s board after the fund management firm Trian he founded acquired a 1.5% stake.

Consumer goods giant Dove-to-Marmite said his appointment as non-executive director will be effective from July 20.

Peltz previously served on the boards of Procter & Gamble, Heinz and Mondelēz.

He said today: “I am delighted to join the Unilever Board. We believe it is a company with great potential, thanks to its portfolio of strong consumer brands and its geographic footprint.

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“Trian has made a significant investment in Unilever. We look forward to working collaboratively with management and the board to help drive Unilever’s strategy, operations, sustainability and shareholder value for the benefit of all stakeholders.”

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Brent at $124 a barrel, FTSE 100 stable

Brent crude is at $124 a barrel after supply concerns were fueled by the EU’s decision to ban 90% of Russian crude imports by the end of the year.

The upward momentum also reflected a potential increase in demand from China amid Beijing and Shanghai reopening measures following recent Covid restrictions.

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The price of Brent is now firmly above $120 a barrel for the first time in more than two months, after rising for the past eight sessions.

Attention is now turning to Thursday’s meeting of OPEC+ ministers, although there are few signs that they plan to change the pace of monthly production .

It emerged yesterday that the cost of refueling a typical diesel car is now over £100 after the AA said the average price had risen to £182.59 per litre.

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Despite lingering inflationary pressures, there are signs that markets are more comfortable with the pace of monetary policy tightening needed to bring prices back towards central bank targets.

The FTSE 100 index is within 100 points of its February high and is expected to remain at 7,600 when trading resumes this morning.

US markets, which rallied towards the end of last week, also point to a steady start after yesterday’s Memorial Day holiday.

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