Travel stocks, positive earnings push London stocks higher

The blue-chip FTSE 100 inched 0.1 per cent higher as gains in travel and leisure stocks were cut short by weakness in heavyweight banks as they tracked bond yields lower. — Reuters pic
The blue-chip FTSE 100 inched 0.1 per cent higher as gains in travel and leisure stocks were cut short by weakness in heavyweight banks as they tracked bond yields lower. — Reuters pic

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LONDON, Aug 10 — London’s FTSE 100 inched higher today as optimism about strong corporate earnings eclipsed fears over a global jump in Covid-19 cases, while Flutter Entertainment climbed after saying it expects to turn a profit in its US business by 2023.

The blue-chip FTSE 100 inched 0.1 per cent higher as gains in travel and leisure stocks were cut short by weakness in heavyweight banks as they tracked bond yields lower.

Flutter Entertainment jumped 4 per cent to the top of the FTSE 100 even after its first-half earnings fell by 12 per cent on a pro-forma basis as it continued to invest heavily in its fast-growing US business.

Travel stocks have gained nearly 11 per cent since the UK eased lockdown restrictions on July 19. The industry has been among the top sectoral performers so far this month on optimism for travel demand to pick up pace.

The domestically focussed mid-cap index gained 0.3 per cent.

Among stocks, Holiday Inn-owner IHG Plc fell 0.8 per cent even after it swung to a profit in the first half. — Reuters

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