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Morning Report: FTSE 100 moves above 6000 as it claws back pre-pandemic losses

Headlines from the Proactive UK newsroom.

The FTSE 100 rose above the 6,000 point mark this morning. The blue-chip index has now managed to claw back all of its losses since the pandemic-inspired crash on 12 March, the worst day for the market since 1987.

Barclays PLC (LON:BARC) profits fell by more than a third in the first quarter of 2020 as a £2.1bn charge in anticipation of coronavirus (COVID-19) loan losses offset bumper trading for its investment bank. Profit before tax tumbled 38% to £913mln.

British Airways is set to cut up to 12,000 jobs from its 42,000-strong workforce due to a collapse in business because of the coronavirus pandemic. The airline's parent company, IAG, says it needed to impose a "restructuring and redundancy programme" until demand for air travel returns to 2019 levels.

AstraZeneca PLC (LON:AZN) has maintained its sales and earnings guidance after a strong opening three months. The drugs giant is now the UK’s largest company and was buoyed by its oncology portfolio with a number of emerging products registering strong year on year growth.

Power Metal Resources Plc (LON:POW) and Red Rock Resources PLC (LON:RRR) have begun a new joint venture partnership with the aim of building a strategic gold exploration portfolio in Australia. It sees Power taking a 49.9% interest in Red Rock Australasia.

Argo Blockchain PLC (LON:ARB) has reported an eleven-fold increase in revenues for 2019 following a 306% increase in its cryptocurrency mining capacity.

Kavango Resources PLC (LON:KAV) hailed a new independent technical review highlighting the exploration potential of its Kalahari Suture Zone (KSZ) Project. The group said the review concludes that the KSZ "is a prime setting for a magmatic Nickel-Copper-PGM deposit.

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