Morning Report: FTSE 100 plunges after US crude turns negative for first time ever

Headlines from the Proactive UK newsroom.

The FTSE 100 opens lower with oil again likely to dominate the day’s trading. Spread bet firms suggest up to a 100 point drop is likely as BP and Shell head lower.

Oil traders were scratching their heads last night as the price of US crude turned negative for the first time in history. The West Texas benchmark went as low as minus US$37 a barrel as storage facilities filled up and producers in effect are having to pay to have their oil taken away.

AB Foods' Primark division has made a £284mln provision against its inventory stockpile, which has now reached £1.5bn following the closure of all of its shops due to coronavirus. Primark’s cash outflow is £100mln per month while the outlets are shut.

Virgin Australiahas become Australia’s first big corporate casualty of the coronavirus pandemic with fears growing its part-owner Virgin Atlantic might follow. Sir Richard Branson yesterday offered a Caribbean island as collateral to help get UK support for his airline.

Elsewhere, Esports group Gfinity (LON:GFIN) has announced a partnership to open an Arabic-only website focused on gamers in the Middle East-North Africa region.

Inspiration Healthcare (LON:IHC) says its work sourcing ventilators for the NHS and other health services around the world is offsetting any disruption from coronavirus. Revenues in the year to January rose by 15% with operating profits 24% higher.


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