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Market report: FTSE falls as hopes of US stimulus package before election wanes

FTSE 100 opened lower amid continued scepticism about a US stimulus package before next month’s election. London’s index of big caps dived 40 points to 5,735 in early trading.  

Chancellor Rishi Sunak is expected to announce more support for workers in areas placed under tier 2 of local lockdown. Businesses forced to shut in the higher tier 3 get more government support than those in tier 2.  

British Airways owner International Consolidated Airlines Group (LON:IAG) has cut capacity by 70% in the three months to December. The carrier no longer expects to reach breakeven during the quarter.  

Tesla plans to deliver half a million electric cars this year though it admitted the pandemic is making the process more challenging. Quarterly profits jumped 57% to US$331mln on revenue up 28% to US$8bn.  

Among the small caps, genedrive PLC (LON:GDR) said it is now generating “very promising data” from its coronavirus (COVID-19) test, targeted for release in the first quarter of next year, having recently completed the assay design. Using the point-of-care technology, results can be generated in 15 minutes for a positive sample, while a negative takes five minutes longer.

Futura Medical PLC (LON:FUM) shares shot higher after it said it had made regulatory progress in the US and was garnering significant commercial interest for its erectile dysfunction (ED) gel.  In an update, investors were told discussions were taking place with a “growing number” of potential partners.

Crossword Cybersecurity PLC (LON:CCS) has been accepted onto the UK Government G-Cloud framework version 12 in the 'cloud software' and 'cloud support' categories. The framework enables public sector organisations to procure Crossword’s Rizikon Assurance and Consulting cyber-risk management tools.

 

 

Quick facts: International Consolidated Airlines Group

Price: 160.85 GBX

LSE:IAG
Market: LSE
Market Cap: £7.99 billion
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