London’s FTSE 100 traded 0.22% lower at 6278.68 early on Monday as a rising number of COVID-19 cases, including in the US and China, stoked fears of a second wave of global infections.
Sportswear giant JD Sports Fashion (JD.) cheapened 3.7p to 643.3p after confirming it has filed a notice of intention to appoint administrators to its struggling Go Outdoors division with the courts, although it has not yet appointed them, and said it is considering a number of strategic options for the business.
The deal, which is the largest purchase agreement the group has entered into to date, is expected to result in ‘significant turnover’ for the business from the next financial year onwards.
Saga also assured the market that its insurance business has been resilient and continues to make progress while within travel, more than 70% of cruise customers have moved their booking to later sailings, which shows ‘the continued demand for our specialist boutique offer’.
Airport services play John Menzies (MNZS) flew 15.9% higher to 166.9p on the news trading in the second quarter to date has been ahead of management’s expectations and the company has enough liquidity to support itself during the coronavirus crisis into 2021.
Spirits giant Diageo (DGE) softened 1.7% to £28.52 after it pushed back the publication date for its full year results by five days to 4 August in order give auditors more time to prepare and review statements during the coronavirus pandemic.
Cineworld (CINE) edged 0.6% higher to 77.8p after it secured a £201 million debt facility from a group of private institutional investors as it gears up to reopen cinemas following the easing of lockdowns around the world.
Baby goods purveyor Mothercare (MTC) was marked down 1.5% to 7.88p despite announcing that around two thirds of its partners’ global retail locations are now open following an easing of government lockdowns. The retailer has shortlisted chief executive candidates and remains in talks with a number of prospective debt providers.