Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

UPDATE 2-British stocks fall on COVID-19 risks; Signature Aviation, JD Sports surge

Published 11/01/2021, 17:53
Updated 11/01/2021, 17:54

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Signature Aviation surges 7% on takeover deal
* Next few weeks of the pandemic will be the worst - Whitty
* JD Sports jumps on higher full year profit forecast
* FTSE 100 down 1.1%, FTSE 250 drops 1.4%

(Updates to close)
By Shashank Nayar
Jan 11 (Reuters) - London stocks ended lower on Monday as
rising coronavirus cases across Europe stoked worries about its
near-term economic impact, while Signature Aviation jumped on
reaching an agreement for a takeover deal with Global
Infrastructure Partners.
The blue-chip FTSE 100 index .FTSE fell 1.1%, after
gaining for five consecutive sessions, with auto .FTNMX3350
healthcare .FTNMX4530 and mining stocks .FTNMX1770 leading
the declines.
Prime Minister Boris Johnson said Britain was in "a race
against time" to roll out vaccines as deaths hit record highs
and hospitals ran out of oxygen. His top medical adviser Chris
Whitty said the pandemic's worst weeks were imminent.
Miners Rio Tinto RIO.L and BHP Group BHPB.L were the top
drags on the index, as metal prices dropped on demand worries
fueled by surging coronavirus cases in top metals consumer
China. METL/
"COVID-19 risks have taken centerstage again after last
week's rally and the only reason why the FTSE 100 has not fallen
further today is because the pound has taken most of the heat,"
said Connor Campbell, a financial analyst at SpreadEx.
The British pound GBP= dropped 0.5% against the U.S.
dollar to its lowest level since Dec. 29 due to concerns about
the spread of the virus in the country, while global cases of
COVID-19 surpassed 90 million. The mid-cap index .FTMC ended 1.4% lower, led by weakness
in consumer stocks, while JD Sports was the top gainer on the
index after it forecast its full-year profit to be
"significantly ahead" of market expectations. “It demonstrates the fact that retail spending itself has
held up reasonably well despite the crisis – it's just that
sales have shifted from physical stores to the internet," said
Russ Mould, investment director at AJ Bell.
Signature Aviation SIGSI.L jumped 7.2% after Global
Infrastructure Partners, the former owner of London's Gatwick
Airport, reached an agreement to buy the company for about $4.63
billion, trumping an approach from Blackstone Group BX.N .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.