(Alliance News) - Stock prices in London are seen opening higher on Monday as lockdown measures across Europe ease and death tolls from the coronavirus pandemic gradually decline.
Spain is set to further ease its lockdown measures. The country recorded 87 new virus-related deaths – the first time the daily number has fallen below 100 in two months. The UK also registered its lowest daily increase since late March, with 170 fatalities.
On Sunday, the US also recorded its lowest daily death toll in a week, at 820, but the country with the world's highest number of coronavirus fatalities neared 90,000 dead.
In early company news, gold miner Centamin reported positive annual results, while its midcap peer Hochschild Mining obtained the go-ahead to resume operations in Peru. Iron pellet producer Ferrexpo named an acting chief executive.
IG futures indicate the FTSE 100 index is to open 85.23 points higher at 5,885.00. The blue-chip index closed up 58.23 points, or 1.0%, at 5,799.77 on Friday.
Centamin said it delivered a strong financial performance in 2019 characterised by continued operational improvements at its flagship Sukari mine in Egypt.
Centamin's revenue came in at USD658.1 million in the calendar year, up 7% from USD614.8 million in 2018, and pretax profit increased 13% to USD173.0 million from USD152.7 million.
Gold production rose 2% to 480,528 ounces in 2019 from 472,418 ounces in 2018, but the amount of gold the company sold fell 3% to 470,020 ounces from 484,322 ounces.
Looking ahead, Centamin maintained its production guidance of between 510,000 to 540,000 ounces of gold in 2020.
Hochschild Mining said it has met all the Covid-19 health and safety protocols established by the Peruvian government to restart operations at the Inmaculada and Pallancata mines. The gold miner plans to begin ramping-up progressively to achieve full production in the coming weeks.
Hochschild expects to reissue its annual guidance once full production is achieved and the overall impact of the suspensions has become clear, it added.
Ferrexpo appointed James North as acting chief executive from the conclusion of its annual general meeting on May 28. The iron pellet producer said North will not join the board but will attend all board meetings. Chris Mawe will return to his role as chief financial officer.
Ryanair Holdings reported a rise in earnings and traffic in its recently ended financial year which was largely unaffected by the Covid-19 pandemic that has since battered the airline sector.
The Irish budget carrier yet again took aim at "state aid doping", reaffirmed its bleak traffic expectations for the second quarter of the new year, and said it expects a EUR200 million loss in the first quarter.
Revenue in the financial year that ended March 31 was 10% higher annually at EUR8.49 billion from EUR7.70 billion. Pretax profit, however, was down by 29% year-on-year to EUR670.3 million from EUR948.1 million.
Weighing on Ryanair's profit was a EUR407.2 million charge for fuel hedge ineffectiveness. Without taking that accounting hit, pretax profit would have come in 14% higher at EUR1.08 billion. The bulk of the ineffectiveness costs were in relation to the Covid-19 pandemic.
The Japanese Nikkei 225 index closed up 0.5%. In China, the Shanghai Composite is up 0.6%, while the Hang Seng index in Hong Kong is up 0.3%.
The Japanese economy has plunged into recession as the coronavirus pandemic and a consumption tax hike last year ravage the world's third-largest economy.
Japan's gross domestic product contracted at an annualized rate of 3.4% in the first quarter of 2020, according to a report released by the Cabinet Office on Monday.
Economic growth in the last quarter of 2019 was revised down to a 7.3% contraction from a 7.1% fall estimated in March, the office said.
Against the yen, the dollar was quoted at JPY107.15. marginally lower than JPY107.23.
The pound was quoted at USD1.2107 on Monday morning, lower from USD1.2125 at the London equities close Friday.
Extra trains are expected to take thousands more people back to work under the UK government's plan to accelerate economic activity by lifting lockdown restrictions.
After the first weekend in which people in England could enjoy sunbathing and picnics outdoors, public transport operators were preparing to carry many more commuters to building sites, factories and offices on Monday.
The move comes at the start of the first full working week since UK Prime Minister Boris Johnson set out his plan for easing the coronavirus lockdown in England, urging those employees unable to work from home to return to their places of employment.
Brent oil was quoted at USD33.57 a barrel Monday morning, up from USD31.27 late Friday. Gold was at USD1,760.43 an ounce, up sharply from USD1,743.84.
The euro was quoted at USD1.0819, flat from USD1.0818 on Friday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Hochschild (HOC)
Centamin PLC (CEY)
Ferrexpo (FXPO)