Positive data fails to keep FTSE in black

London’s top shares took a tumble as a bad day for British banks was largely offset by a good showing for the country’s airlines.

The market shrugged off data that suggests the UK’S private sector has fared better in May, bouncing back from last month’s all-time lows.

However, while the purchasing managers index (PMI) showed that companies were not suffering as much, they are still far from out of the woods.

Spreadex analyst Connor Campbell said: “Investors, then, didn’t pay too much attention to wave upon wave of better-than-forecast flash manufacturing and services PMIS, not only in the US, but the Eurozone and UK as well. That might also be because, though they have certainly improved month on month, that’s not saying much given where they were at in April.”

The FTSE 100 ended the day down 51.91 points, or 0.9 per cent, to 6,015.25.

The pound was in negative territory against the US dollar, down 0.1 per cent to $1.2226, but gained 0.2 per cent against the euro, at €1.1162.

In company news, Premier Inn owner Whitbread ended the day bottom of the pack, as it revealed plans to raise £1 billion by selling new shares as most of its hotels and restaurants remain closed. Shares fell 13.4 per cent at 2,461p.

Drugmaker Astrazeneca did better, rising 0.9 per cent to 8,961p after it revealed that it can begin supplying an as-yet-unproven coronavirus vaccine by September.

Meanwhile, the lockdown has not proved a winner for Pets at Home as the retailer warned profits will be materially lower than predicted as owners used up the items they had stockpiled for their pets. Shares dropped 4.3 per cent to close at 220p.

Car retailer Pendragon said that it was expecting a £10 million hit to pre-tax profit because of the Covid-19 pandemic, with its shares accelerating 4.5 per cent to 7.7p.

Finally, Easyjet founder Sir Stelios Hajiioannou revealed the questions he will ask managementaheadofashowdownmeeting as he tries to oust the budget carrier’s chief executive and chairman.

The airline ended the day up 4.4 per cent to 574.8p, lifted by an overall rise in the airline industry.