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Market Report: FTSE 100 drops, gold at eight year high

Headlines from the Proactive UK newsroom.

The FTSE 100 dropped 39 to 6,129 after the first monthly decline in Nationwide’s UK House Price Index in eight years. Overnight, gold futures rose above US$1,800 per ounce.

Sainsbury’s said sales were strong throughout its first quarter and particularly at Argos, with the weather giving an added boost. Operating costs remain high, though, so profits this year will be broadly unchanged said the grocery giant.

SSP, the owner of the Upper Crust bakery and coffee chain, said up to 5,000 jobs are under threat across its UK outlets due to the slump in passenger travel. Global sales in April and May were 95% below a year ago.

Some better news from convenience store group B&M European Value, which said it plans to open 33 new outlets and at least another 15 under the Heron Foods brand in the year to next March. Group revenue climbed 28% to £1.1bn in its latest quarter with a good performance in the UK as people flocked to local stores.

Ryanair (RYA), meanwhile, said it expects to fly more than 4.5 million passengers in July. That is still a 70% drop from July last year, but in April and May it only flew 110,000 people.

Cello Health PLC(LON:CLL) topped the early risers on Wednesday morning after agreeing to a takeover offer from private equity firm Arsenal Capital Partners. The bid values the health advisory firm at £178.8mln, or 161p per share, a 44% premium to Tuesday’s closing price.

Catenae Innovation PLC (LON:CTEA) said its breakthrough app that records a person’s coronavirus status is now ready for launch well ahead of schedule. It also revealed it is in discussions that could lead to “local and international sales opportunities”.

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