Markets Overview:

UK 100 called to open +112 points points at 5684.  In focus today will be news fallout from Boris Johnson being admitted to intensive care as he continues to battle the cornavirus, Dominic Raab has been asked to deputise for him during this time.  Donald Trump sent markets into overdrive after tweeting "light at the end of the tunnel" after the number of deaths had fallen day on day for the first time since the outbreak in New York, The Dow peaked at 22,450 during trading hours and futures look to be another 400 points higher.  This positivism was not contained solely to the U.S as the number of deaths from the virus showed signs of plateauing.  It was a similar story in Asia overnight, the Nikkei gained 373 points to close 2% higher at 18,950, in Hong Kong, the Hang Seng traded 341 points higher, closing 1.4% higher at 24,088 whilst in China the CSI 300 closed 2.3% higher at 3,798.  Oil prices showed further signs of resilience, once again holding above $30 per barrel.

Company News:

Cineworld have decided to suspend payment of the Q4 2019 dividend of 4.25 cents per share and upcoming 2020 quarterly dividends to help support the business during these challenging times.

Ferrexpo production update for Q1 2020 with pellet production +7%. Sales are expected to be around 2.8m tonnes (Q1 2019: 2.6m tonnes). Production in Q1 2020 was not impacted by the COVID-19 virus.

Inchcape has withdrawn the payment of its previously announced final dividend of 17.9p per share to preserve cash during the COVID-19 outbreak.

Plus 500 annnounce Q1 2020 revenues +487% ($316.6m) and quarterly active customers increased by +98% (194,024). Revenue and profitability for FY expected to be substantially ahead of current market expectations. There has been no operational impact from COVID-19 pandemic to date. They reiterate they are to return at least 60% of net profits to shareholders.

Premier Oil confirms that the Charlie-1 well in Area A (Premier 60% interest) in Alaska has proved the presence of mobile hydrocarbons in the targeted Torok Formation. They have made the decision to exit Area A as soon as regulatory approvals have been received.

Reporting Today:

FCA has asked UK companies to delay results

for at least two weeks to prevent investors acting on out-of-date information

Reporting Tomorrow:

FCA has asked UK companies to delay results

for at least two weeks to prevent investors acting on out-of-date information

In Focus Today:

EU - Eurogroup Meeting - All day

UK - Halifax House Price Data

US - API Weekly Crude Oil Stocks

This Week's Ex Dividends:

UK 100 :

DS Smith

:

Cineworld

Direct Line Group

4Imprint

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