Morning Report: Brexit returns to send FTSE 100 lower, silver shines again
Headlines from the Proactive UK newsroom.
The FTSE 100 headed 32 points lower at 6,237 as Brexit shoved coronavirus from the headlines. The government said it’s prepared for a no-deal outcome while the FT says hopes for a quick trade deal with the US have faded.
Closed high street shops should be converted into flats and apartments to reboot ailing town centres according to a thinktank. Homeowners will also be able to add two more floors without planning permission.
Perhaps in anticipation, DIYers are flocking to Kingfisher PLC (LON:KGF) with underlying interim profits ahead of last year following strong sales growth in its second quarter. The B&Q owner reported like-for-like (LFL) sales have jumped 21.6% over the past three months.
Silver is the metal of the day with a further rise of 7% overnight in Asia. The price is up 15% this week alone and being pulled up by the strength of gold say analysts.
Melrose Industries PLC (LON:MRO), the owner of aerospace and automotive engineer GKN, has warned some job cuts are “inevitable” as revenues plunged 27% in the first half. Aerospace sales were down around 18% and are expected to fall 25-30% for the full year.
Zoetic International PLC (LON:ZOE) has made a three-pronged change to its cultivation strategy. The CBD specialist is expanding its seed testing programme; terminating the lease on its Colorado production facility; and setting up a European joint venture to grow high-quality hemp seeds.