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Market report: Weaker pound steers FTSE higher, while Tesla drives investors away

The FTSE is higher this Wednesday.

One of the main talking points today - is Tesla (NASDAQ: TSLA) after much anticipation leading up to CEO Elon Musk’s announcement - it failed to impress - slashing $50 billion from Tesla's market value after a promise to cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible, but not for at least three years.

Closer to come, a weaker pound is driving the FTSE higher, businesses are already preparing restructuring plans after the government encouraged workers to work from home.

UK PMIs show the recovery here has lost some momentum, with the PMI number dropping to a three-month low of 55.7 after hitting a six-year high of 59.1 the month before.

Beauty products maker PZ Cussons (LON:PZC) fell despite posting a 23% rise in first-quarter revenue thanks to higher sales of soaps, hand wash and sanitiser gels.

The owner of Upper Crust SSP Group (LON:SSP) rose despite forecasting an 86% drop in second-half sales due to the COVID-19 pandemic.

Applied Graphene Materials PLC (LON:AGM) is to launch a new graphene-enhanced car polishing product in partnership with Infinity Wax, a specialist car care distributor.

And Allergy Therapeutics' (LON:AGY) reported sales growth in their full year results - there is an interview on proactiveinvestors.co.uk right and plenty more.

Quick facts: PZ Cussons

Price: 228.5 GBX

LSE:PZC
Market: LSE
Market Cap: £979.64 m
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