London’s FTSE 250 was 0.8% lower at 22,568.55 in afternoon trade on Thursday.
Tullow Oil and Cairn Energy gushed lower as oil prices fell amid expectations of more supply after a truce between Saudi Arabia and the UAE.
Hays was under pressure even after the recruitment firm said it expected full-year profits to be ahead of forecasts, driven by improving fees and cost management and a better-than-expected fourth quarter.
Budget airline easyJet and Upper Crust owner SSP were both down amid ongoing concerns about the impact of Covid-19 on the travel sector.
Oanda analyst Sophie Griffiths said: “The rising number of cases is reminding the markets that Covid remains a risk, despite successful vaccination programmes in some countries. As such, Covid fears are driving a rotation out of cyclicals – stocks that are more closely linked to the health of the economy, such as banks and carmakers – and travel stocks as more flying restrictions are imposed.
“The travel sector had its hopes pinned on a reasonable summer period after months of paralysis, but it doesn’t look likely this will materialise. Spain’s economy was also in need of a tourist boost across the key summer months. However, with the UK government moving the Balearics back to the amber list, this is also looking unlikely.”
Bucking the trend, precious metals miners Centamin and Hochschild shone as gold prices rose.
FTSE 250 – Risers
Centamin (DI) (CEY) 105.25p 2.18%
Hochschild Mining (HOC) 160.00p 2.17%
Vivo Energy (VVO) 103.00p 1.78%
Dechra Pharmaceuticals (DPH) 4,760.00p 1.75%
Domino’s Pizza Group (DOM) 416.00p 1.36%
Restaurant Group (RTN) 116.20p 1.04%
Helios Towers (HTWS) 166.40p 0.97%
Trainline (TRN) 287.60p 0.91%
Syncona Limited NPV (SYNC) 223.00p 0.90%
Rathbone Brothers (RAT) 1,854.00p 0.87%
FTSE 250 – Fallers
Tullow Oil (TLW) 47.41p -9.11%
Cineworld Group (CINE) 58.40p -8.89%
Hays (HAS) 154.10p -8.11%
Just Eat Takeaway.Com N.V. (CDI) (JET) 5,990.00p -6.73%
Network International Holdings (NETW) 349.00p -5.21%
SSP Group (SSPG) 242.80p -4.07%
Ashmore Group (ASHM) 393.60p -4.00%
Cairn Energy (CNE) 142.40p -3.85%
Auction Technology Group (ATG) 1,238.00p -3.43%
easyJet (EZJ) 814.00p -3.05%
