Travel stocks soar on news of Brexit delay

Market report Emma Newlands

News of the delay to Brexit was positively received by travel stocks in London, as the deadline was pushed back to after the summer.

The EU and the UK agreed to a further delay of the process, extending to 31 October. The UK could leave earlier if a withdrawal agreement is ratified by MPS before then.

Travel companies were the top three highest risers on the FTSE 100 index, with Easyjet climbing 88.5p to 1,144.5p, Tui up 59.2p to 775.4 pa nd british airways owner International Consolidated Airlines up 30.4 pto545.4p.

But overall, London’s blue-chip index was broadly flat, dropping 3.96 points or 0.05 per cent to 7,417.95.

Meanwhile, the pound appeared nonplussed by the day’s political developments. The currency dipped 0.04 per cent to €1.160 and was down 0.15 per cent versus the dollar to $1.307.

In company news, Ted Baker announced the conclusion of its investigation into the conduct of former boss Ray Kelvin, identifying “several areas for improvement” in the clothing retailer’s HR practices. It also confirmed that Lindsay Page will become permanent chief executive. Shares closed down 28p to 1,460p.

WH Smith’s half-year profits fell 21 per cent after being stung by costs linked to its acquisition of Inmotion and a restructuring programme. Shares were 48p higher at 2,186p.

Barclays said in a late afternoon stock exchange filing that bosses have opposed the appointment of activist investor Edward Bramson to the bank’s board, ahead of a meeting next month. Shares in the lender had ended the session up 1.6 per cent at 163.7p.