StockMarketWire.com - The FTSE 100 is trading modestly lower as the UK looks set to miss its target of 100,000 tests a day for COVID-19 and ahead of Prime Minister Boris Johnson's first briefing since returning to work.

Royal Dutch Shell's slump as it cut its dividend didn't help given its heavy weighting in the index.

Global stock markets have been buoyed by the news of apparent initial success in trials of a coronavirus treatment.

At 09.00am the FTSE 100 was down 0.4%, or 22.11 points lower, at 6,093.14.

Banking group Lloyd's has shed 4.8% to 33.10p having pulled its guidance after first-quarter profit plunged 95%.

The bank warned of further credit losses in the second quarter after taking impairments of £1.4bn, owing to the impact of the Covid-19 pandemic on customers.

Royal Dutch Shell is 7.2% lower at £13.78 as it reduced its first quarter 2020 dividend to 16 cents per share citing a prolonged period of economic uncertainty and weaker commodity prices.

Supermarket group Sainsbury's has tumbled 3% to 201.10p after it warned of a £500m hit to profits due to the cost of protecting customers and colleagues during the Covid-19 pandemic.

It announced no cash annual bonuses will be paid to executive directors and the wider senior executive population in for 2019/20, while a decision about dividend payments has been deferred.

Reckitt Benckiser was buoyed 5.1% to £67.30 as it reported group like-for-like growth of 13.3% in the first quarter following strong demand for its hygiene and health products such as Dettol and Lysol due to Covid-19.

The consumer goods company announced its hygiene business saw like-for-like growth of 12.8% in the first quarter of 2020, with strong growth in most markets.

Hikma Pharmaceuticals is 5.5% higher to £24.58 on the news that it has reiterated its guidance for global injectables revenue growth in the low to mid-single digits for 2020.

The company said it had made a 'strong start' to the year despite the challenging market conditions owing to the Covid-19 crisis.

Wealth management group St James's Place has shed 4% to 865.80p as it reported gross inflows rose 12% to £4.04bn in the first quarter but funds under management were impacted by the decline in global markets and ended the period at £101.7bn.

The impact of COVID-19 meant it has withheld one-third of its 2019 final dividend.

James Fisher & Sons is down 1.2% to £14.10 after the marine services provider said its performance in the first quarter was in line with its expectations, but warned that the impact of Covid-19 had become evident towards the end of the quarter and had been exacerbated by the slump in oil prices.

GlaxoSmithKline has nudged 0.6% higher to £16.86 after announcing its application for an oral drug to treat women with ovarian cancer had been approved by US health authorities.

Pub chain JD Wetherspoon is up 0.9% to 966.50p having raised gross proceeds of about £141m through the placing of shares at a discount. Story provided by StockMarketWire.com