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FTSE 100 falls on ‘freedom day’ and virus cases soar

by LLB Editor
19th Jul 21 9:43 am

There’s no reopening bounce in the City either – with shares falling sharply at the start of trading.

The FTSE 100 index of blue-chip shares has tumbled by 90 points, or over 1.25%, to 6917 points – its lowest level since mid-May.

Almost every stock on the index is lower in early trading.

Hospitality and travel stocks are among the big fallers, hit by concerns over the pandemic.

IAG, which owns British Airways, is down 4.6%, along with jet engine manufacturer and servicer Rolls-Royce (-4.3%),Intercontinental Hotels (-3.3%), commercial property developer British Land (-3.1%) and catering firm Compass (-3%).

Concerns over rapidly rising global Delta variant cases, as well as a slowing economic outlook, are hitting markets, says Michael Hewson of CMC Markets.
“There was a great deal of optimism over the summer reopening, however as we look ahead to the rest of the year and look at how Delta variant infections are rising, some of that optimism is dissipating.”

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