Sterling edges higher as Brexit remains in focus
with the Brexit-hit pound and overcapacity in western Mediterranean destinations, such as the Canary Islands.
Shares closed at the bottom of the FTSE 100, down 71.4p at 886.8p.
Debenhams’ shares jumped after the retailer secured a lifeline from its lenders as the department store chain seeks a broader refinancing deal.
The retailer confirmed an agreement with current lenders and noteholders to extend its borrowing facilities by a year with a cash injection of £40m.
It will act as a bridge while the company continues talks for a longer-term refinancing.
Shares closed up 0.89p at 4p. Nevertheless, David Madden, market analyst at CMC, warned that there is still a long way to go.
“The stock has rallied as the access to funds will give the group some much needed breathing space,” he said.
“Credit lines are all well and good, but Debenhams needs to undergo major restructuring to ensure its long-term survival.”
In Europe, Germany’s DAX closed up 1.1%, while France’s CAC 40 was also up 1.1%.
A barrel of Brent crude was trading at 62.5 US dollars, an increase of 1.5%.
The biggest risers on the FTSE 100 were NMC Health up 50p at 2,700p, DCC up 110p at 6,620p, SSE up 18p at 1,192p and Smurfit Kappa up 34p at 2,266p.
The biggest fallers on the FTSE 100 were Tui down 71.4p at 886.8p, Sainsbury’s down 10p at 283.9p, Barratt Developments down 14p at 560.2p and Persimmon down 50p at 2,395p.