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FTSE reverses early momentum

FTSE indices reversed earlier gains and closed lower on the first day of trading after the Bank Holiday weekend as tobacco, financial and airline stocks lost ground. HSBC was one of the bigger stories of the day as its Q1 numbers failed to impress. The ongoing Greek debt saga and Yemen fighting continues to impact sentiment.

HSBC hikes Q1 profit to $7bn

Shares in HSBC (HSBA) softened as investors mull speculation the bank will make a decision over its possible move overseas within the next few months.

RMP's JV deal

Red Emperor Resources NL advises its JV partner and Operator of Block SC55, Otto Energy Ltd, has executed a binding contract with Maersk Drilling to secure the Maersk Venturer ultra-deepwater drill ship to drill the Hawkeye-1 exploration well.

Oil, gas round-up

Chariot Oil & Gas (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, has said that in light of the current business environment it has reviewed all costs and the remuneration of all Board members to be reduced by 50%.

Mining round-up

Glencore has reported that in the first quarter of the year own sourced copper production was down 9% to 350,700 tonnes, reflecting grade reductions at Alumbrera and Antamina due to mine sequencing and a planned maintenance shutdown at Collahuasi.