The FTSE 100 has started the week on the back foot, pressured by a fall in miners and financials, amid uncertainty over the trade talks between the US and China. Blue-chip travel shares meanwhile have been in demand as tour operator Thomas Cook Group (LON:TCG) collapsed.
FTSE 100 loses ground
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As of 12:15 BST, the Footsie had given up 36.24 points to stand 0.49 percent lower at 7,308.68. Market sentiment has been subdued this Monday after Chinese agriculture officials moved to cancel a visit to US farm states, fuelling concerns over the trade relations between Washington and Beijing.
Losses in the benchmark index, however, remain limited with the collapse of Thomas Cook fuelling demand for shares in blue-chip rivals. TUI Group (LON:TUI) is currently the FTSE 100’s biggest gainer in percentage terms, trading 7.16 percent higher at 900.80p, followed by Compass Group (LON:CPG), whose shares are changing hands 2.10 percent higher at 2,046.00p.
“The effects will be felt across the sector, not all bad […] airlines are firmer today as they should feel the benefit from the abrupt loss of short haul capacity,” Markets.com analyst Neil Wilson commented, as quoted by Reuters.
Individual risers and fallers
In FTSE 100 movers, outgoing blue-chip Marks & Spencer Group (LON:MKS) is in the red after announcing that its chief financial officer had decided to step down. Shares in the high street retailer are 2.35 percent worse off at 191.25p.
AstraZeneca (LON:AZN) meanwhile is advancing after the its Qtrilmet modified-release tablets have been recommended for marketing authorisation in the European Union for the treatment of adults with type-2 diabetes. AstraZeneca’s shares are 0.77 percent up at 7,222.00p.
The FTSE 100 was 0.44 percent down at 7,312.24 points as of 12:33 BST on Monday, 23 September 2019.