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Market Report: Global gloom turns FTSE red

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FTSE 100 was affected by the overnight falls in the US and Asia and eased lower in opening trades. Mixed results from some heavyweights also weighed on the mood and London’s blue-chip index shed 10 to 5,570.

British Airways owner IAG posted another huge loss and warned that it urgently needs pre-departure and post-flight testing to be introduced at airports. The group lost £1.7bn in the three months to end September.

By contrast, Apple (NASDAQ:AAPL) reported record revenues for its fourth quarter as home working during the pandemic led to heightened demand for its Mac computers and iPad tablets. Revenues rose to US$64.7bn.

Pizza Express is to cut a further 1,300 jobs across its 370 UK restaurants in a second round of retrenchment.  The spike in COVID-19 cases has affected footfall said the chain.

Among the small caps, IQ-AI Limited (LON:IQAI) has moved its contrast free imaging model to the final stage before submitting it to the authorities. Performing scans without injecting contrast is more efficient and delivers more precise results.

Westminster Group PLC (LON: WSG) has installed a COVID-19 sanitisation tunnel at the Freetown International Airport in Sierra Leone. The local government hopes it will increase confidence in travelling.

Anglesey Mining PLC (LON:AYM)  12%-owned associate Labrador Iron Mines has started work on a Preliminary Economic Assessment on its Houston project in Canada. It is Labrador’s first step forward since production was halted in 2014 and reflects a resurgent iron ore price.

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