Morning Report: FTSE 100 makes early rally as airline losses set to total US$84bn this year

Headlines from the Proactive UK newsroom.

The FTSE 100 rallied early on after two days of losses with travel groups leading the way. The blue-chip index was up 30 points at 6,366. Airline losses will total around US$84bn this year according to the International Air Transport Association. Revenue at its 290 member airlines will halve to US $419bn, which added it will be the worst year on record for the industry.

Frankie & Benny’s owner Restaurant Group is to close 125 outlets as part of a financial restructuring. Most of the closures will be in the Italian food chain but Garfunkel’s and Chiquito’s might also be affected.

London’s West End is also suffering with Carnaby Street owner Shaftesbury only collecting 28% of rents due in March. The group is switching to permanent monthly collections from October.

The owner of Zara, Inditex meanwhile is to invest €2.7bn over the next two years on online shopping and large stores, with 1,200 of its smaller stores to close. The Spanish group racked up a loss of €175mln in the three months to April.

e-therapeutics PLC (LON: ETX.L) is teaming up with Belgian life sciences giant Galapagos to uncover a new means of treating idiopathic pulmonary fibrosis, a serious lung disease. The work will use ETX’s expertise in network biology and screening.

Ergomed (LON:ERGO) has seen a good first quarter, with solid overall growth in revenue. The pharma services group added that it will meet market expectations this year despite coronavirus disruption.

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