Thomas Cook’s rivals benefit from collapse

Investors continued to enjoy the fallout from Thomas Cook, snapping up shares in rivals with insatiable delight.

TUI was the biggest beneficiary from the collapse, with shares topping the FTSE 100 biggest risers for a second day in a row. Shares closed up 58.2p to 959.6p, although it has some way to go to get back to the 1,211p levels not seen since February’s profit warning.

Easyjet and British Airways owner IAG both saw shares up 1.9% and 1.1% respectively. But overall, the FTSE 100 closed the day down, as the pound drew strength from the Supreme Court ruling that found Boris Johnson’s decision to suspend Parliament was unlawful.

Traders appeared to initially welcome the decision, sending the pound up by 0.5% against the dollar and the euro.

However, the price was subsequently cooled as the day wore on as most realised – to coin a phrase used by the previous PM – nothing has changed. By closing, a pound was up 0.34% against the euro at 1.1348 and up against the dollar by 0.39% at 1.2483.

As a result, the FTSE 100 closed down 34.65 points at 7291.43 – a fall of 0.47%.

There was also continued fallout from the weak economic data from France and Germany on Monday weighing on shares.

The biggest risers on the FTSE 100 were TUI up 58.2p at 959.6; Hikma up 61p at 2,151p; Ocado up 28p at 1,340p; Sage Group up 10.8p at 684.2p; and Carnival up 57p at 3,675p.

The biggest fallers were Evraz down 26.9p at 460.1p; Auto Trader down 19.3p at 498.5p; Imperial Brands down 74p at 2,020p; Burberry down 65p at 2,119p; and Spirax-sarco down 235p at 7,770p.