Morning Report: FTSE 100 slumps again as British Airways and Easyjet ground fleets

Headlines from the Proactive UK newsroom.

FTSE 100 a short time ago was down 115 points to 5250 even though the US Federal Reserve has chopped interest rates to zero as part of a US$700bn stimulus programme to tackle the coronavirus crisis. It is the second emergency cut in interest rates in a fortnight and will be accompanied by a bond buying plan.

British Airways owner IAG (LON:IAG) is to cut capacity in April and May by 75% to cope with the impact of the US travel ban and severe restrictions to flights elsewhere. First quarter capacity will drop by 7.5%.

EasyJet (LON:EZJ) has also warned it will slash flights on a rolling basis for the foreseeable future and might even ground the majority of the fleet.

Not all businesses are doing badly from the crisis, however. Derviatives specialist Plus500 (LON:PLUS) says the market carnage has meant a surge in trading activity. As a result revenue and profitability for the full year will be substantially ahead of current consensus expectations.

Westminster Group’s (LON:WSG) sales of its fever screening equipment to airports have already jumped to US$720,000 with new enquiries running at 28 per day. Fever screening supplies over the rest of the year will likely be a material part of its business.

Elsewhere, Bidstack (LON:BIDS) has signed a new exclusive agreement with racing game developer Codemasters to deliver native in-game advertising into an upcoming 2020 title. Advertisers will be able to deliver contextually relevant ads in real time into natural spaces within the game.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Benchmark Holdings focused on making core business 'commercially profitable'

Benchmark Holdings PLC's (LON:BMK) CEO Trond Williksen and CFO Septima Maguire says they're pleased with what's been achieved with its restructuring programme following the sales of FishVet and Improve International. Williksen says it demonstrates their ability to execute and deliver on its...

5 hours, 49 minutes ago

2 min read