logo-loader

Morning Report: FTSE 100 in the red as Shell unveils huge asset write-downs

Headlines from the Proactive UK newsroom.

The FTSE 100 was almost 50 points in the red as Shell unveiled huge asset write-downs and the UK economy did worse than expected in its first quarter. The blue-chip index gave up 44 points at 6,181.

Britain’s economy shrank 2.2% between January and March, one of its worst performances since 1979. All the main economic sectors fell as coronavirus began to take effect, said the ONS.

Shell PLC (LON:RDSA) is to take between a US$20bn-US$27bn hit to its profits this year after it lowered its assumptions of future oil and gas prices. Between US$4bn-6bn will be written off its North American shale operation and in Brazil.

Housebuilder Redrow PLC (LON:RDW) is to scale back its operations in London because it says people want more space both inside and outside. They also want to be closer to green spaces and have better home workspace so it will shift its efforts to the regions.

Cineworld Group PLC(LON:CINE) is to reopen its cinemas in the UK and US later than expected on July 31. The FTSE 250-listed firm said the push back is in line with recent adjustments to movie release schedules.

UK Oil & Gas PLC (LON:UKOG) has had its planning application for the Loxley-1 appraisal project rejected by Surrey County Council. UKOG said it was disappointed by the decision but noted it was by a narrow 6-5 decision.

Powerhouse Energy (LON:PHE) has said its DMG waste-to-energy technology continues to attract substantial interest internationally. The company added it is carefully filtering potential opportunities to engage exclusively with experienced project developers to maximise its future licensing revenues.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Jubilee Metals CEO welcomes 54% growth in first half operational earnings

Jubilee Metals Group PLC's (LON:JLP) Leon Coetzer caught up with Proactive London's Andrew Scott after reporting its sixth consecutive six-monthly period of double digit growth - posting a 54% increase in first-half earnings to £12.8mln. The company was also able to boost revenue by 18% to...

13 hours, 8 minutes ago

2 min read