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FTSE 100 down but travel shares rise FTSE 100 drops as mining shares lose ground
(about 3 hours later)
(Open): The UK market slipped back as trading got under way, but shares in Thomas Cook rose after it issued an upbeat trading update. (Noon): The London market was trading lower shortly before midday, with mining shares seeing the biggest falls.
The FTSE 100 fell 8.74 points to 6,023.50, with shares in Royal Dutch Shell down more than 1% after oil prices fell sharply on Wednesday. A brief early morning rally among UK stocks quickly ran out of steam and the FTSE 100 was down 35.31 points at 5,996.93.
Shares in Thomas Cook rose 4.1% after the travel company said it was on track to meet full-year profit targets. Mining giant Glencore was the biggest faller, down 6.3%, after Goldman Sachs cut its target price for the stock.
It added that trading over the summer season had "progressed well". Shares in Anglo American were down 3.3% after Goldman confirmed its "sell" rating for the company.
In July, Thomas Cook said the attack by a gunman in Tunisia, when 38 holidaymakers were killed including 30 Britons, would cost it £20m including cancelled trips and repatriating customers to the UK. In the FTSE 250, shares in Poundland sank more than 7% after the discount retailer said it would raise £50m through a share placing to help fund its takeover of the 99p Stores chain.
The travel firm said that Tunisia was "effectively closed for the time being", but there had been a "significant increase" in the number of people travelling to Greece and Egypt. Poundland also said that its like-for-like sales fell 2.9% in the 25 weeks to 20 September. It also said there were "indications" that the financial position of the 99p Stores chain had "weakened somewhat" since its original assessment of the retailer.
The news lifted shares in other travel firms, with Tui up 0.7% and Easyjet climbing 1.4%. Thomas Cook shares rose 1.8% after the travel company said it was on track to meet full-year profit targets and that trading over the summer season had "progressed well".
Shares in Poundland fell 5% after the discount retailer said like-for-like sales fell 2.9% in the 25 weeks to 20 September. The travel firm said that Tunisia was "effectively closed for the time being" following the attack on tourists by a gunman in June, but there had been a "significant increase" in the number of people travelling to Greece and Egypt.
Poundland also said it would raise £50m through a share placing to help finance its takeover of discount rival 99p Stores. On the currency markets, the pound rose 0.15% against the dollar to $1.5267 but fell 0.3% against the euro to €1.3596.
On the currency markets, the pound rose 0.1% against the dollar to $1.5265 but slipped 0.1% against the euro to €1.3621.