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FTSE 100 lower as travel shares fall FTSE 100 recovers from early losses
(about 4 hours later)
(Noon): London's benchmark share index was lower, with shares in travel-related companies down following news of the terror attacks in Brussels. (Close): London's benchmark share index recovered from early losses to close little changed on the day.
At midday, the FTSE 100 was down 48.28 points, or 0.8%, at 6,136.30. Travel-related companies fell after news of the terror attacks in Brussels.
News of the attacks in Brussels affected shares in airlines and travel companies. IAG - the airline group that includes British Airways - fell 1.5%. Hotels group Intercontinental was 1.6% lower. TUI - whose brands include Thomson and First Choice - dropped 2.8% while Thomas Cook was down more than 4%.
IAG - the airline group that includes British Airways - fell 3.4%, and Easyjet dropped 1.3%. Hotels group Intercontinental was 2.2% lower. The FTSE 100 closed 8 points higher at 6,192.
Among the travel companies, TUI - whose brands include Thomson and First Choice - dropped 2.5% while Thomas Cook was down nearly 7%.
"Events in Brussels have dominated headlines this morning, with immediate reaction in financial markets a consequence of the news," said Chris Beauchamp, senior market analyst at IG."Events in Brussels have dominated headlines this morning, with immediate reaction in financial markets a consequence of the news," said Chris Beauchamp, senior market analyst at IG.
Stock markets across Europe were lower. In Germany the Dax index was down 0.4%, France's Cac 40 was 0.8% lower while in Belgium the Bel 20 was 0.4% lower. Stock markets across Europe recovered from early losses. In Germany the Dax index closed 0.4% higher. France's Cac 40 closed little changed.
The price of gold - an asset traditionally seen as a haven in times of uncertainty - rose 1% to $1,255 an ounce. The price of gold - an asset traditionally seen as a haven in times of uncertainty - rose 0.6% to $1,252 an ounce.
Yields on benchmark German government bonds dropped to a two-week low, as the price of the bonds - which are also seen as safe assets - rose.Yields on benchmark German government bonds dropped to a two-week low, as the price of the bonds - which are also seen as safe assets - rose.
Sports DirectSports Direct
In London, shares in BT Group fell 1.1% after telecoms regulator Ofcom told the company to install high-speed cables to businesses much faster and reduce the prices it charges for them. In London, shares in BT Group fell almost 1% after telecoms regulator Ofcom told the company to install high-speed cables to businesses much faster and reduce the prices it charges for them.
In the FTSE 250, shares in Sports Direct fell nearly 9% after its founder and deputy chairman, Mike Ashley, told the Times that profits at the retailer would be lower this year. In the FTSE 250, shares in Sports Direct fell more than 10% after its founder and deputy chairman, Mike Ashley, told the Times that profits at the retailer would be lower this year.
He told the paper: "We are in trouble, we are not trading very well. We can't make the same profit we made last year."He told the paper: "We are in trouble, we are not trading very well. We can't make the same profit we made last year."
On the currency markets, the pound fell more than three-quarters of a cent against the dollar to $1.4293. Against the euro, it fell nearly half a euro cent to €1.2740. On the currency markets, the pound fell a cent and a half against the dollar to $1.4120. Against the euro, it fell a euro cent to €1.2676.