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FTSE 100 falls after US bond sell-off spooks investors
StockMarketWire.com
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The FTSE 100 opened in the red after a US government bonds sell-off sparked fears interest rates could rise.
The index was down 0.21% at 0845GMT to 6,638.00 points. The FTSE 250 recorded a fall of 0.52%% to 21,087.87 points.
British Airways owner IAG swung to an annual loss as the pandemic-led slump in air travel triggered a sharp decline in revenue. For the year ended 31 December, the company swung to a pre-tax loss of €7.43 billion from a profit of €2.28 billion year-on-year as revenue slumped on 69.4% to €7.81 billion.
Its shares rose 2.65% to 191.2p.
Property portal Rightmove reported a 29% slump in revenue after the Covid-19 crisis prompted it to offer a discount to customers. Rightmove said revenue for 2020 was £205.7 million, down from £289.3 million the previous year.
Shares dropped 1.06% to 599.6p.
RSA Insurance Group said underwriting profit rose 36% in 2020 to £550 million, its fourth record underwriting result in five years. The group said statutory profit before tax fell 2% to £483 million last year, driven by market impacts from Covid-19, bid costs, exits and restructuring.
Its shares were down modestly to 675.6p.
Fund management company Jupiter Fund Management reported higher underlying profit on increased assets under management as strong UK equities and alternative funds performance offset net inflows. For the year ended 31 December, underlying pre-tax profit increased by 10% to £179.0 million as assets under management increased by 37% to £58.7 billion.
Shares rose 4.6% to 305.4p.
Engineering company IMI reported a rise in profit as cost cuts offset a slip in revenue on weaker performance in its motion control and commercial vehicle businesses. For the year ended 31 December, pre-tax profit rose 11% to £227 million year-on-year, while revenue slipped 3% to £1.83 billion.
Its shares fell 0.3% to 13.32p
Investment trust The Law Debenture Corporation reported annual returns that topped its benchmark. For the year ended 31 December 2020, share price total return for 2020 was 12.9%, outperforming the FTSE Actuaries All-Share Index, its benchmark by 22.7%. The FTSE All-Share benchmark fell 9.8%. The company reported a pre-tax profit of £4.1 million, down from £131.4 million last year.
Shares were down 2.9% to 703p.
Pets at Home Group has upgraded its full-year outlook after a strong performance in the fourth quarter. Based on trading year-to-date, the company now anticipates full-year underlying pre-tax profit to be approximately £85 million, ahead of previous guidance of at least £77 million.
Its shares climbed 2.6% to 392.9p.
Cryptocurrency miner Argo Blockchain said it installed 4,500 Bitmain Antminer S19 and S19 pro miners Argo that it leased from Celsius Network in November 2020.
Shares fell 8.4% to 240p.
Story provided by StockMarketWire.com
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