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FTSE 100 falls as airline shares lose altitude on travel restrictions
StockMarketWire.com
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The FTSE 100 followed the recent pattern of recent trading sessions as losses accelerated through the course of the day. By midday the index was down 0.5% at 6,662.37.
Airline shares were under further pressure on concern over travel restrictions being introduced to curb the Covid-19 pandemic with International Consolidated Airlines down 7.2% to 140.7p.
Online fashion retailer ASOS rose 6% to £50.76, having confirmed media speculation that it was in exclusive talks with Arcadia's administrators to acquire Topshop.
Fellow online retailer Boohoo rallied 4% to 346.3p as investors embraced its decision to acquire the intellectual property assets of Debenhams for £55 million in cash.
Infant merchandise retailer Mothercare reversed earlier heavy losses to trade up 1.7% to 11.75p on announcing that it expected to post a small annual operating loss, as the pandemic hurt sales following a restructure of the struggling group.
In other sectors, pharmaceutical giant AstraZeneca rose 0.7% to £78.28 after it announced positive trial results and an approval in Japan, both for a lymphocytic leukaemia treatment.
Automotive fluid system maker TI Fluid Systems firmed 2.2% to 240.3p as it forecast 'slightly' better-than-expected annual margins amid a fall in sales pinned on the pandemic.
Inter-dealer broker TP ICAP shed 0.2% to 217.31p after its efforts to relocate staff to countries in the European Union in the wake of Brexit was delayed due to the pandemic.
Financial services company JTC advanced 3.1% to 593.8p as it guided for annual results in line with management and consensus estimates following new business wins.
Pawnbroker H&T gained 9.9% to 296.6p as it said full-year pre-tax profit was expected to be ahead of market expectations following stronger-than-anticipated performance in November and December.
Sirius Real Estate added 1.7% to 88p after its Titanium joint venture with AXA IM Alts had acquired the Sigma Technopark in Augsburg, Germany for around €80 million from a fund managed by Corestate.
Telecom services group Maintel gained 7.9% to 410p on forecasting annual revenue and adjusted earnings in line with guidance it delivered in September, despite the impact of Covid-19 lockdowns.
Story provided by StockMarketWire.com
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