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FTSE 100 slides despite Vodafone boost Tesco leads slide on FTSE 100 index
(about 5 hours later)
Shares in Vodafone rose after the mobile phone company said that its Indian unit was in merger talks. Shares in Tesco led the declines on the FTSE 100, giving up some of Friday's gains when the stock surged in the wake of news of its planned tie-up with food wholesaler Booker.
Vodafone rose 2.6% after it announced talks were under way between its Indian business and Idea Cellular. The supermarket's stock fell by more than 4% to close at 197.8p.
A combination of the two would create India's biggest telecoms firm. Over the weekend, press reports suggested the deal faced a lengthy investigation from competition regulators.
Vodafone was one of the biggest risers on the FTSE 100, but despite the mobile company's gains the benchmark share index was down 54.94 points at 7,130.12 shortly after midday. Shares in Booker also fell, with the FTSE 250 company down 3.6%.
Shares in Tesco fell 3.4%, giving up some of Friday's gains when the stock surged in the wake of news of its planned tie-up with food wholesaler Booker. Overall, the FTSE 100 ended down by 66 points at 7,118.48. Most major stock markets around the world fell after President Donald Trump's decision to impose a travel ban on seven Muslim-majority countries.
Over the weekend, press reports suggested the deal faced a lengthy investigation from competition regulators. Shares in Booker fell, with the FTSE 250 company down 3.4%. Among the gainers in the UK, Vodafone rose after the mobile phone company said that its Indian unit was in merger talks.
Also in the FTSE 250, shares in WS Atkins jumped 5.6% following a report in the Times that the engineering company had been approached by US company CH2M over a possible merger. A combination of the two companies would create India's biggest telecoms firm. Shares rose 1.3%.
Flybe shares dipped 1% after the airline said it had seen a "slow start" to trading since the start of the new year, blaming "uncertain consumer confidence and poor weather". On the FTSE 250, shares in WS Atkins jumped 6% following a report in the Times that the engineering company had been approached by US company CH2M over a possible merger.
Flybe shares dipped 1.1% after the airline said it had seen a "slow start" to trading since the start of the new year, blaming "uncertain consumer confidence and poor weather".
That was despite the carrier reporting "solid" trading for the final three months of 2016, with revenues boosted by extra capacity. Flybe said passenger revenues rose 13.5% in the quarter, compared with 5.7% in the previous six months.That was despite the carrier reporting "solid" trading for the final three months of 2016, with revenues boosted by extra capacity. Flybe said passenger revenues rose 13.5% in the quarter, compared with 5.7% in the previous six months.
On the currency markets, the pound fell 0.4% against the dollar to $1.2502, but rose 0.2% against the euro to 1.1751 euros. On the currency markets, the pound fell 0.5% against the dollar to $1.2484, but rose 0.4% against the euro to 1.1682 euros.