FTSE 100 ekes out gains amid oil plunge, earnings worries | Malay Mail

Despite recovering from mid-March lows due to massive stimulus measures by major central banks and governments, the FTSE 100 remains down more than 24 per cent from its January peak. ― Reuters pic

However, Royal Dutch Shell and BP fell 2 per cent and 0.4 per cent, respectively, as the US crude futures contract plunged more than 50 per cent on worries about lack of storage and a weakening global economy. “Now we've got people asking companies questions that have never been asked ― how many weeks or months of liquidity do you have looking at your current cash flow and revenue if the lockdown lasted longer,” said Benji Dawes, who co-manages the UK Growth Fund at Premier Miton.

Mr Kipling cakes maker Premier Foods soared 29 per cent after it forecast annual trading profit to be at the top end of market expectations as Britons stocked up on food at the start of the lockdown. “Equities are much less forward-looking than commonly assumed, their prices tended to be almost coincident with activity and earnings movement,” they said.

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