IT fi­asco fails to ground prof­its at owner of BA

The Press and Journal (Inverness) - - BUSINESS -

Lon­don’s blue-chip in­dex fell 1% yes­ter­day af­ter to­bacco stocks were hit by news that the US Food and Drug Ad­min­is­tra­tion may force com­pa­nies to cut nico­tine in cig­a­rettes down to non-ad­dic­tive lev­els.

The FTSE 100 closed down 74.64 at 7,368.37, dragged down by Bri­tish Amer­i­can To­bacco shares plung­ing £3.62 to £49.60 and Im­pe­rial Brands’ stock tum­bling 130.5p to 3,315.5p.

BT dropped 5.75p to 310.4p af­ter it said it will shell out £225mil­lion to Deutsche Telekom and Orange in an at­tempt to avoid le­gal ac­tion af­ter its share price col­lapsed in the wake of its Ital­ian ac­count­ing scan­dal.

And In­ter­na­tional Con­sol­i­dated Air­lines Group ended the day down 0.5p at 593.5p de­spite it re­port­ing that lower fuel costs and a strong Easter helped hal­fyear op­er­at­ing prof­its.

Away from the top tier, prop­erty web­site Right­move saw its shares rise 25p to £43.05 af­ter re­port­ing a 9% jump in pre-tax hal­fyear prof­its.

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