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Morning Report: FTSE 100 opens flat as economic fallout concerns grow over coronavirus

Headlines from the Proactive UK newsroom. FTSE 100 is set to open flat as investors digest the grim forecasts yesterday of the economic impact of coronavirus. The International Monetary Fund is predicting a 3% drop in global output this year or the worst since the Great Depression of the 1930s.

Ferguson intends to complete the demerger of UK builders’ merchant Wolseley by the end of the year, assuming market conditions normalise. However a plan to shift its primary listing to the US from London has been dropped after feedback from shareholders.

US airlines are to receive a US$25bn coronavirus rescue package to stop them going bust. Some of the US’s biggest airlines American Airlines, Delta and United are among the groups that will receive aid.

Gold miner Ariana (LON:AAU) continues to produce strongly from its Kiziltepe mine in Turkey with ore production at a record last quarter and gold output 14% ahead of guidance. Work at the mine has continued uninterrupted through the coronavirus crisis.

Union Jack Oil (LON:UJO) says it has been notified that early work has started at a second site at the West Newton field in Lincolnshire. Union Jack has a 16.7% stake with Rathlin the operator.

Kromek (LON:KMK) is to start the manufacture and sale of medical ventilators in the UK and globally under license from Japanese firm Metran. Kromek expects to commence production before the end of April and to produce up to 2,000 units within twelve weeks.

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