FTSE 100 Bounces as Airline Stocks Rise, Oil Steadies

The FTSE 100 has risen 0.4% on Friday morning, recovering part of Thursday’s 2.4% drop as global markets attempted to stabilise.

The FTSE 250 has gained 0.6%, while Germany’s DAX has advanced 0.9% and France’s CAC 40 has added 0.7%.

Oil prices steadied, with Brent crude edging 0.4% lower to $108.84, easing some of the inflationary pressure that rattled markets earlier in the week.

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Airlines are among the top performers, with IAG up 3.2%, EasyJet gaining 3% and InterContinental Hotels Group rising 2.9%.

At the other end of the index, Smiths Group has fallen 5.4%, while oil majors BP and Shell have dropped 2.5% and 1.6% respectively.

Shares in Unilever were in focus after the company confirmed it had received an inbound offer for its Foods business and was in discussions with McCormick & Company, while stressing that no transaction was guaranteed.

In the FTSE 250, J D Wetherspoon plunged more than 10% after reporting interim results showing a sharp drop in profit before tax.

Chairman Tim Martin said the company continued to outperform sector benchmarks but warned that rising labour, tax and energy costs would weigh on profitability.

The FTSE 250 remained broadly supported despite the drag from Wetherspoon’s slump.