Market buoyed by virus hopes

The FTSE 100 closed 75.01 points higher at 7,457.02 yesterday amid growing optimism that China will direct more cash to helping firms impacted by the coronavirus outbreak.

British Airways owner International Airlines Group (IAG) nudged higher after Qatar Airways announced it had increased its stake.

Qatar Airways said it had raised its holding in IAG to 25.1%, from 21.4%. Shares in IAG, which also owns Aer Lingus and Iberia, gained 10p at £6.42.

Shares in Laura Ashley rebounded slightly after the troubled retailer said it had gained permission to use a loan to fund its daily operations.

The women’s fashion and homewares chain said talks with lender Wells Fargo over the terms of a £20 million loan had ended successfully. Shares

“Mark Lewis told directors he wanted a career change”

increased 0.25p to 1.9p. Metro Bank dipped lower, off 2.7p at 192.3p, after it appointed interim boss Dan Frumkin as chief executive as it looks to recover from a tough year. Previous boss Craig Donaldson stepped down in December.

Moneysupermarket was also down by 7.1p at 309.8p after chief executive Mark Lewis told directors he wanted a career change and announced his intention to quit the firm.

Sterling was volatile during the morning session, initially pushing higher after inflation jumped to a six-month high of 1.8%.

But the currency later slipped into the red on the back of anxieties over trade conversations between the UK and EU.

The pound was down 0.5% versus the US dollar at 1.293 and lower by 0.52% against the euro at 1.198.