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Morning Report: FTSE 100 rallies, Tesco sales surge but so do costs

Headlines from the Proactive UK newsroom.

FTSE 100 rallied as US markets put in a strong performance overnight. London’s blue-chip index was 46 points higher at 6,192 early doors.

Tesco revealed its bank arm would lose between £175-200mln this year due to a surge in bad debts. Grocery sales in the UK and Ireland rose 9% in the latest quarter driven by a surge online, but additional pandemic costs this year are now forecast at £840mln.

Supermarket Income REIT (LON:SUPR) meanwhile said it has received 100% of rents due in the June 2020 quarter renewal. The investment trust leases ‘omni-channel’ sites to Sainsbury’s, Tesco and Morrisons.

Luxury car maker Aston Martin is raising more money to tide it over the coronavirus crisis and while production of its new DBX sports utility ramps up. This latest placing of up to 20% of its shares comes just two months after a £536mln refinancing led by Canadian billionaire Lawrence Stroll.

Intu Properties PLC (LON:INTU), the Trafford Centre and Lakeside owner, has warned it is on the brink of administration after talks with lenders about a debt restructuring made no progress. Today’s statement said the shopping centre group is now considering its position with a view to protecting the interests of its stakeholders.

Iofina PLC (LON:IOF) said its IO#8 iodine extraction plant in the US is back on stream after the restart of supplies of source material brine, which comes from onshore oilfields. Senior debt holder Stena has also extended the repayment deadline on monies owed.

Med-tech specialist Inspiration Healthcare(LON:IHC) said it expects to see revenues “increase significantly” after a strong start to the year. The update was provided by chairman Mark Abrahams ahead of the company’s annual meeting.

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