London’s FTSE 100 opened up 1.6% to 5,842 points following a strong finish on Wall Street led by big technology names as well as optimistic statements from the governors of New York and California regarding the reopening of businesses.
In Asia, China, Japan and South Korea were closed for public holidays while thin trading led to gains in Australia with the ASX 200 up 1.4%.
Oil prices extended gains with Brent Crude prices up 4% to $28.3 per barrel, up for a sixth straight day and US crude prices up 6% to $21.6 a barrel.
On the foreign exchange markets the pound was slightly stronger against the US dollar at $1.24 cents.
Cruise operator Carnival (CCL) said P&O Cruises announced it had extended its voluntary pause in operations in Australia and New Zealand until the end of August, in response to continuing travel restrictions owing to the impact of Covid-19.
The market interpreted this as to mean that some operations would restart in August, pushing the shares up 5% to £10.1.
Refractory product supplier RHI Magnesita (RHIM) said it faced an increasingly challenging trading environment in the second quarter as the Covid-19 crisis crimped orders.
Actions taken by RHI Magnesita to conserve cash have included scrapping its 2019 final dividend and deferring at least €45m of capital expenditure.
The company said it had a strong liquidity position, which increased to €1.2bn in the first quarter, comprising cash and cash equivalents of €0.5bn and fully committed undrawn facilities of €0.7bn. The shares traded 2% higher at £24.
Central and Eastern European budget carrier Wizz Air (WIZZ) said it operated at 3% of its capacity during the month of April, carrying 98% fewer passengers and recording a 75% load factor, down from 92% after it grounded most of its fleet due to the Covid-19 crisis. The shares lifted 0.6% to £26.2.
Leading technology and media company Entertainment AI (EAI:AIM) reported first-quarter revenues down 8% at $2.1m and an adjusted pre-tax loss of $630,000. The firm had $7.9m of net cash at 30 April 2020. The shares improved 6% to £27.
Software-as-a-service gambling company GAN (GAN) suspended trading in its shares today after successfully raising funds and listing its shares on the US technology NASDAQ market, with the shares due to start trading at 10 a.m. Eastern US time, equivalent to 3 p.m. UK time.
Shares in subsea cable protection company Tekmar Group (TGP:AIM) floated 10% higher after it said it expected to post a 40% rise in revenue for year-ended 31 March 2020, with current demand in the offshore wind sector remaining strong.
The revenue increase was achieved despite the lockdown and social distancing measures associated with Covid-19 impacting trading in the fourth quarter, leaving the order book up 39% to at least £10m.
