Morning Report: FTSE 100 continues climb as US markets rally

Headlines from the Proactive UK newsroom.

The FTSE 100 opened higher defying predictions of a pullback after the 3% gain seen Tuesday. London’s blue-chip index added 46 to 6,288 after US markets rose overnight.

UK inflation has dropped to 0.5% after fuel prices fell by a record amount in May. Fuel prices slid by 16.7% with clothing and footwear also lower as the lockdown took hold.

Boohoo Group PLC (LON:BOO), has snapped up the business of bust rivals Oasis and Warehouse for £5.25mln in cash. AIM’s largest company bought Karen Millen and Coast last year and also announced today sales had surged 45% in its first quarter.

Kingfisher PLC (LON:KGF) saw annual profits slide 66% but said sales had rebounded in recent weeks following the easing of the coronavirus lockdown. The B&Q and Screwfix owner said like-for-like sales fell 25% from February to April but had jumped 22% since the start of May.

Frontier IP PLC's (LON:FIPP) project with the University of Cambridge to tackle gum disease has received a grant from the National Biofilms Innovation Centre (NBIC). The proof-of-concept award will support an eight-month project to disrupt the bacterium responsible for gum disease.

ReNeuron Group (LON:RENE) has received regulatory approvals in the US and UK to expand its phase IIa stem cell studies in people with the degenerative eye disease RP. Reneuron intends now to focus on its retinal disease programme and exosome-based technology.

Pelatro (LON:PTRO) has said it is “confident of delivering a performance in line with expectations for 2020” . The customer engagement software specialist reported an increase in its revenue visibility for the year and said demand for its solutions had “not flagged''

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