Wood turnaround ‘progressing’ | EasyJet cuts loss
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5pm: London buoyed
London’s FTSE 100 was boosted today by rising confidence of China easing its Covid restrictions and investors pouring into HSBC after it confirmed it has sold its Canadian business for £8.4bn.
The capital’s premier index rose 37.98 points to 7,512, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.55% to 19,186.16 points.
Shares in Wood Group took a tumble despite CEO Ken Gilmartin stating that the energy services group’ turnaround is progressing well.
He told investors that this has been accelerated by the sale of Built Environment Consulting and helped by the work done to focus the Group on lower risk, reimbursable work.
The shares closed 25.40p (15.93%) lower at 13.25p.
The airline said its headline loss before tax for the year to the end of September fell to £178 million (2021: £1.136 billion) which includes a £64m loss from balance sheet revaluations.
Despite headwinds, it said it has delivered a significantly improved performance with headline EBIT profit of £3 million (2021: £1,036 million loss) which includes incremental disruption costs of £78 million compared to FY19.
Shares fell the shares fell or 10.25p (2.6%).
Asian shares rallied early today as Beijing’s latest move to support developers boosted the property sector and rumours swirled that recent public unrest might prompt an earlier loosening in COVID-19 restrictions (Reuters).
The yuan rallied and Chinese blue chips jumped almost 3%, in the largest one-day rally in a month and a marked reversal of Monday’s steep falls. Hong Kong’s Hang Seng climbed 3.9%.
The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally. Brent climbed $1.64 to $88.83.