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(Sharecast News) - Shares in air travel-related and insurance companies paced gains on the top-flight index as it extended the previous day's bear market rally amid bargain hunting.
"Looking at the risers and fallers on the FTSE 350, it is clear that there is plenty of bargain-hunting going on. With two exceptions, the fallers remain in single-digit percentages, while almost 20% of the index is enjoying double-digit percentage gains," said IG chief market analyst Chris Beauchamp.
"Bear market rallies are brutal things, but as a host of strategists have pointed out, the deep discounts in UK assets in recent years have turned into a complete firesale, with companies trading at historically low valuations. Those prepared to wait long enough are snapping up some impressive bargains."
Among air travel related stocks near the top of the leaderboard were easyJet, Whitbread, InterContinental Hotels Group, and Rolls Royce.
Likely helping to offset selling pressure on the latter's shares was news that the $2trn economic relief package that was set to be approved on Capitol Hill included measures aimed specifically at one of its largest clients, Boeing.
Nonetheless, it was JD Sports Fashion that was pacing advancers on the Footsie, a day after reassuring shareholders about its liquidity position.
M&G, Phoenix Group, Standard Life Aberdeen and Legal & General were all moving higher as well.
To take note of, back on 10 January analysts at JP Morgan had told clients that the former of those was trading at an unjustified discount to its peers.
Other blue chips including BP and RBS were also lending their weight to the advance.
Market Movers
FTSE 100 (UKX) 5,634.67 3.46%
FTSE 100 - Risers
JD Sports Fashion (JD.) 520.60p 20.48%
Persimmon (PSN) 1,933.00p 14.28%
Associated British Foods (ABF) 1,832.00p 13.97%
Rolls-Royce Holdings (RR.) 393.20p 12.31%
easyJet (EZJ) 650.80p 12.21%
Whitbread (WTB) 3,015.00p 12.08%
Legal & General Group (LGEN) 180.95p 12.01%
InterContinental Hotels Group (IHG) 3,396.00p 11.34%
Phoenix Group Holdings (PHNX) 620.00p 11.21%
Standard Life Aberdeen (SLA) 222.90p 10.68%
FTSE 100 - Fallers
Rentokil Initial (RTO) 334.80p -9.61%
Polymetal International (POLY) 1,269.50p -3.79%
Melrose Industries (MRO) 99.50p -3.73%
Coca-Cola HBC AG (CDI) (CCH) 1,742.50p -3.19%
Land Securities Group (LAND) 594.40p -3.00%
Morrison (Wm) Supermarkets (MRW) 175.00p -2.64%
HSBC Holdings (HSBA) 503.50p -2.23%
BT Group (BT.A) 130.14p -2.02%
Spirax-Sarco Engineering (SPX) 8,400.00p -1.81%
Halma (HLMA) 1,817.00p -1.41%
31 May 2024 11:46
Ryanair, Easyjet and others fined for cabin luggage fees
MADRID, May 31 (Reuters) - Spanish authorities have slapped fines on budget airlines Ryanair, easyJet , Vueling and Volotea totalling 150 million euros ($163 million), consumer groups who lead a six-year campaign against the charges said on Friday.
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