Morning Report: FTSE 100 recovers from weak start despite poor numbers from HSBC and BP

Headlines from the Proactive UK newsroom.

The FTSE 100 recovered from a weak start to add 18 points this morning at 5,865 despite weak oil and poor numbers from BP and HSBC.

Crude prices slumped below US$11 per barrel again as a major US oil fund dumped its holdings and BP issued a gloomy set of quarterly numbers. The UK oil giant maintained its first-quarter dividend despite reporting a US$4.36bn loss for the three month period as the coronavirus pandemic and a big drop in oil demand took its toll.

HSBC meanwhile saw quarterly profits slump by 48% reflecting a massive US$2.4bn increase in provisions for potential credit losses due to the coronavirus pandemic, low oil prices and “corporate exposure in Singapore”. Pre-tax profit for the first quarter was US$3.2bn.

People are reverting to shopping the old way of one trip a week according to Tesco boss Dave Lewis. Transactions at the supermarket’s shops halved in April but the size of the basket doubled, he said.

Elsewhere, shares in Erris (LON:ERIS) Resources rocketed higher as recent sampling hit the highest grades yet from its Loch Tay gold project in Scotland. Nine samples returned more than 5 g/t with the best above 17 g/t.

European Metals’ (LON:EMH) Czech subsidiary Geomet has received €29.1mln following completion of its deal with power company, CEZ, over the Cinovec lithium project. The payment will fund Cinovec to the decision to construct.

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