Morning Report: FTSE 100 falls as COVID-19 cases keep rising

Headlines from the Proactive UK newsroom.

The FTSE 100 slumped more than 100 points as the rate of new coronavirus cases especially in the US caused more concern. The blue-chip index was 120 points lower at 6,199.

Reflecting the unease, gold jumped to a new recent high of US$1,770 per ounce. Fear that central banks printing money will lead to a surge in inflation is driving the demand.

People in lockdown rushing to bake and cook has fuelled a boom in sales for Premier Foods. Revenue and trading profit will beat forecasts this year after first quarter sales jumped by 20% said the Mr Kipling cakes maker.

JD Wetherspoon PLC (LON:JDW) has confirmed it will reopen its pubs in England on July 4 following Tuesday’s announcement on relaxed lockdown measures by the government. The FTSE 250 group added it does not currently intend to start any new development projects in the next year.

LoopUp Group PLC (LON:LOOP), says trading has continued to be strong and it now expects to beat forecasts it only raised in May. The virtual meeting specialist said it continues to trade materially above pre Covid-19 levels.

Allergy Therapeutics PLC (LON:AGY) also said it expects its 2020 net profit to be “significantly above market expectations”. The allergy vaccines specialist added revenues for the 12 months ended June 30 would be at least 4% ahead of the comparable period last year.

Another strong performer was Tavistock Investments PLC (LON:TAVI), as the asset manager reported a strong performance from its protection portfolios for the first two months of its financial year. The AIM-listed company said it has continued to trade profitably during the coronavirus lockdown.

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