Headlines from the Proactive UK newsroom.
The FTSE 100 opened down 20 points at 6,095 as investors reeled from Shell’s shock dividend news and Lloyd’s bad debt provisions.
Shell has cut its dividend for the first time since the end of the Second World War. The Anglo-Dutch giant blamed the slump in crude prices and coronavirus impact as it posted a first quarter loss of US24mln.
Lloyds Bank saw profits tumble by 95% to £74mln as it took a provision of £1.43bn against potential bad debts. Net income also shrank 11% in the first quarter.
Sainsbury’s has warned that higher costs from meeting the surge in demand for groceries due to the coronavirus lockdown will wipe £500mln from profits this year. The dividend has also been postponed.
Tesla founder Elon Musk has slammed the US lockdowns in place currently calling them ‘fascist’ in a post earnings conference. The electric car maker nonetheless beat estimates for first quarter revenues.
Greatland Gold PLC (LON:GGP) reported more “exceptional” drill results from the Havieron deposit, in Western Australia, confirming continuity of the higher grade mineralisation. It is the seventh consecutive set of excellent results from partner Newcrest's drilling campaign - CEO Gervaise Heddle says.
European Metals’ (LON:EMH) subsidiary in the Czech Republic has received a preliminary mining permit for the Cinovec lithium project. The permit lasts for eight year and is for the Northwestern part of the deposit.