London’s FTSE 100 was down 0.6% at 7,106.87 in afternoon trade on Tuesday.
British Airways and Iberia owner IAG was under the cosh after the EU recommended a pause on all non-essential travel from the US due to rising Covid cases.
Banks were under pressure, with HSBC, NatWest and Lloyds all weaker. HSBC was in focus following a report it’s in advanced and exclusive talks with L&T Finance Holdings to buy its mutual fund arm.
Bunzl was also in the red even as it reported first-half adjusted profit up almost 15% as a recovery in its core business more than offset declining sales of Covid-19 related products.
Engine maker Rolls-Royce fell after its biggest shareholder, Causeway Capital Management, called on the company’s incoming chair to “refresh” the board as it emerges from a downturn. Jonathan Eng, portfolio manager at the California-based investment group, told the Financial Times that he would like Anita Frew, who takes over as chair in October, to consider whether it had the right expertise at the top.
Sainsbury’s was also down after a weekend report the supermarket chain is in talks with private equity group Centerbridge Partners about the sale of its banking division for about £200m.
FTSE 100 – Risers
Melrose Industries (MRO) 167.64p 10.58%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,555.00p 2.31%
Ferguson (FERG) 10,420.00p 1.91%
Smiths Group (SMIN) 1,449.00p 1.72%
Royal Mail (RMG) 497.30p 1.49%
Imperial Brands (IMB) 1,552.00p 1.47%
British American Tobacco (BATS) 2,727.00p 1.04%
Ashtead Group (AHT) 5,672.00p 1.03%
Weir Group (WEIR) 1,704.50p 1.01%
InterContinental Hotels Group (IHG) 4,644.00p 0.93%
FTSE 100 – Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 158.86p -2.85%
HSBC Holdings (HSBA) 384.50p -2.65%
Bunzl (BNZL) 2,612.00p -2.54%
B&M European Value Retail S.A. (DI) (BME) 562.20p -2.19%
Sainsbury (J) (SBRY) 304.10p -2.03%
ITV (ITV) 115.25p -2.00%
Aviva (AV.) 403.50p -1.85%
Rolls-Royce Holdings (RR.) 114.88p -1.59%
NATWEST GROUP PLC ORD 100P (NWG) 215.40p -1.51%
Lloyds Banking Group (LLOY) 43.51p -1.32%
