Morning Report: FTSE 100 continues to rise despite surge in UK unemployment

Headlines from the Proactive UK newsroom.

FTSE 100 has continued to rise after the 4% plus gain yesterday on hopes lockdown measures might be easing. The blue-chip index is currently sitting around 6055.

Underlining the pressure on the UK government, jobless numbers soared in April. An additional 865,000 people registered last month taking the jobless total to 2.1mln.

Imperial Brands PLC (LON:IMB) cut its dividend and will focus on reducing debt as its priority. Tobacco sales were flat and vaping revenues tumbled in the past half-year.

Compass Group PLC (LON:CPG), the contract caterer, is to raise £2bn via share issues to strengthen its financial position during the coronavirus (Covid-19) pandemic. Revenues have fallen sharply since the start of March due to the impact of lockdowns across its markets.

French Connection has also warned it needs a cash injection as it prepares for a potential re-opening of its shops in June. The fashion outlets aren't expecting normal trading levels to resume “for some time”.

Lockdown phenomenon TikTok, meanwhile has appointed Disney’s head of streaming Kevin Mayer as its new chief executive. Use of the Chinese firm’s mini-video app has rocketed in recent weeks.

Aminex PLC (LON:AEX) is set to complete its pivotal farm-out transaction as the Tanzanian authorities have now issued a Tax Clearance Certificate, following the payment of a capital gains tax bill. It means that Aminex and new partner ARA Petroleum have satisfied all requirements for the government to approve the transfer of a 50% interest in the Ruvuma PSA.