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Market report: FTSE trades lower after Trump and Biden traded insults

FTSE100 is now in the red after moving higher in early doors as investors digested the sight of the two candidates for the US presidency trading insults last night. The blue-chip index was up 28 to 5,926.

Shell (LON:RDSA) has confirmed it is cutting between 7,000 to 9,000 jobs to save up to US$2.5bn annually. Hurricane damage reduced oil production in its latest quarter said the Anglo-Dutch giant.

Walt Disney (NYSE:DIS) is also wielding the axe and will lay off 28,000 employees mostly at its US theme parks. Uncertainty about how long the pandemic will last was given as the reason.

US casino giant Caesars Entertainment (NASDAQ:CZR) has struck a £2.9bn deal to buy bookmaker William Hill. The bid is worth 272p per share in cash.

Among the small caps, Zoetic (LON:ZOE) said demand for its CHILL CBD range has exceeded expectations with consistent increased sales month on month. Online sales of Zoetic-branded oils and skincare products also increased over 300% in the month to date.

Genedrive’s (LON:GDR) coronavirus testing kit been approved by the South African health products regulator. The company’s products are already supplied to the country as part of a wider African distribution agreement with the Sysmex organisation.

Car finance specialist S&U (LON:SUS) said there had been a “very encouraging” rebound in the company’s trading following the easing of the UK's pandemic lockdown. That has led to “significant opportunities” to attract new customers and increase market share going forward.

Quick facts: Royal Dutch Shell

Price: 1444.8 GBX

Market: LSE
Market Cap: £112.8 billion

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