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Morning Report: FTSE 100 in the red as Shell unveils huge asset write-downs

Headlines from the Proactive UK newsroom.

The FTSE 100 was almost 50 points in the red as Shell unveiled huge asset write-downs and the UK economy did worse than expected in its first quarter. The blue-chip index gave up 44 points at 6,181.

Britain’s economy shrank 2.2% between January and March, one of its worst performances since 1979. All the main economic sectors fell as coronavirus began to take effect, said the ONS.

Shell PLC (LON:RDSA) is to take between a US$20bn-US$27bn hit to its profits this year after it lowered its assumptions of future oil and gas prices. Between US$4bn-6bn will be written off its North American shale operation and in Brazil.

Housebuilder Redrow PLC (LON:RDW) is to scale back its operations in London because it says people want more space both inside and outside. They also want to be closer to green spaces and have better home workspace so it will shift its efforts to the regions.

Cineworld Group PLC(LON:CINE) is to reopen its cinemas in the UK and US later than expected on July 31. The FTSE 250-listed firm said the push back is in line with recent adjustments to movie release schedules.

UK Oil & Gas PLC (LON:UKOG) has had its planning application for the Loxley-1 appraisal project rejected by Surrey County Council. UKOG said it was disappointed by the decision but noted it was by a narrow 6-5 decision.

Powerhouse Energy (LON:PHE) has said its DMG waste-to-energy technology continues to attract substantial interest internationally. The company added it is carefully filtering potential opportunities to engage exclusively with experienced project developers to maximise its future licensing revenues.

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