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FTSE 100 Hits Seven-Week Intraday Low on New Covid-19 Variant Fears

11/26/2021 | 05:00am EST

FTSE 100 Falls to Seven-Week Intraday Low on New Covid-19 Variant Fears; IAG Drops

0909 GMT - The FTSE 100 slides by 2.8% to 7104.06 in early trade, having hit a seven-week intraday low of 7051.24, as fears about a new, fast-spreading Covid-19 variant which might evade immunity cause investors to flee out of risky assets. "A new and potentially dangerous Covid variant has prompted a wave of risk aversion across markets," IG says. Travel stocks fall sharply after the U.K. imposed travel restrictions for flights from southern Africa as a result of the new strain, with British Airways owner International Consolidated Airlines losing 9.3%. Oil stocks, miners and banks all drop, while Rolls-Royce loses 8.4%. Moves in markets "will be amplified" by thin liquidity following Thursday's Thanksgiving holiday in the U.S., IG says. (jessica.fleetham@wsj.com)

 
Companies News: 

Blue Prism Agrees to Increased GBP1.22 Bln Takeover by Vista Funds

Blue Prism Group PLC said late Thursday that it has agreed to and recommended an increased 1.22 billion-pound ($1.63 billion) final offer from Bali Bidco Ltd., a company indirectly owned by the Vista Funds.

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Diageo Starts Next Tranche of Return to Capital Program

Diageo PLC said Friday that that it has started the next tranche of its return of capital program of up to 4.5 billion pounds ($5.99 billion) to shareholders by the end of June 2024.

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ScS Group Two-Year 16 Week Comparable Orders Were Up 0.9%

ScS Group PLC said Friday that two-year like-for-like order growth for the 16 weeks ended Nov. 20 was 0.9%, but that it has experienced a fall in store footfall and subsequent sales over the past seven weeks with customers spending less on big ticket items.

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Kitwave Group Performs Ahead of Views in 2H; Appoints COO

Kitwave Group PLC said Friday that it performed ahead of revenue expectations in the second half of fiscal 2021 and that this has led to its operating profit being significantly ahead of views.

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Essentra's CFO to Leave by End 1H 2022

Essentra PLC said Friday that Chief Financial Officer Lily Liu is leaving the company to take up a new role at Synthomer PLC.

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Parkmead Shares Fall on Significantly Widened FY Pretax Loss

Shares in Parkmead Group PLC on Friday fell after the company reported a significantly widened pretax loss for fiscal 2021 despite higher gas prices.

 
Market Talk: 

European Online Retailers, Delivery Stocks Rise Amid Coronavirus Concerns

0926 GMT - Shares in European companies selling their products and services through online channels are on the rise Friday as countries in the region roll out mobility restrictions to contain a surge in coronavirus infections and after European Commission President Ursula von der Leyen said the EU's executive arm would propose halting air travel from the southern African region due to a new variant of concern. German meal-kit maker HelloFresh is up 3.4%, while online furniture retailer Home24 is up 4.1%. Shares in food-delivery company Delivery Hero are up 2.1%, while online retailer Zalando is also up 1.9%. French videogames maker Ubisoft is up 1.7%, a sign the company will continue to benefit from higher engagement from homebound players. (mauro.orru@wsj.com; @MauroOrru94)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-26-21 0500ET

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