FTSE 100 movers: BA computer meltdown creates turbulence for IAG shares, main index
British Airways owner IAG's turbulent time at the hands of investors helped keep the Footsie in negative territory on Wednesday after the airline's computer meltdown over the weekend raise the prospect of massive compensation payments to thousands of stranded passengers.
The weaker South African rand also dampened the mood for stocks with operations in the country such as Mediclinic and Old Mutual.
BT Group shares fell as the group said it was mulling closing its defined-benefit pension scheme to current workers in favour of a cheaper plan.
The telecoms group confirmed it was talking to trustees but would not make any changes in the coming 12 months.
BT’s annual report, which was issued last Thursday, said the company was exploring alternatives to more cash injections to the pension fund, including giving a prior claim to the pension fund on certain BT assets.
On the upside, London Stock Exchange Group nudged up as it struck a deal to buy US bank Citigroup's fixed income indices and analytics businesses for $685m (£535m) cash, while Anglo American edged higher after saying it has completed the sale of its 83.33% interest in the Dartbrook coal mine located in the Hunter Valley, New South Wales, Australia, to Australian Pacific Coal.
Market Movers
FTSE 100 (UKX) 7,512.15 -0.47%
FTSE 250 (MCX) 19,967.57 -0.29%
techMARK (TASX) 3,612.31 -0.51%
FTSE 100 - Risers
3i Group (III) 879.50p 1.27%
Glencore (GLEN) 295.35p 0.97%
Associated British Foods (ABF) 2,977.00p 0.92%
TUI AG Reg Shs (DI) (TUI) 1,179.00p 0.86%
RSA Insurance Group (RSA) 624.00p 0.65%
Wolseley (WOS) 5,020.00p 0.64%
Anglo American (AAL) 1,059.00p 0.62%
DCC (DCC) 7,335.00p 0.62%
Burberry Group (BRBY) 1,786.00p 0.45%
Smiths Group (SMIN) 1,589.00p 0.44%
FTSE 100 - Fallers
Mediclinic International (MDC) 783.00p -4.04%
Informa (INF) 669.50p -2.76%
Old Mutual (OML) 191.60p -2.54%
International Consolidated Airlines Group SA (CDI) (IAG) 598.50p -2.52%
British American Tobacco (BATS) 5,482.00p -1.95%
Hikma Pharmaceuticals (HIK) 1,660.00p -1.89%
Paddy Power Betfair (PPB) 8,170.00p -1.74%
Shire Plc (SHP) 4,572.50p -1.70%
Imperial Brands (IMB) 3,618.50p -1.68%
BT Group (BT.A) 308.55p -1.67%