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March 9, 2022, 9:04 a.m. EST

Airlines and travel stocks lead the gains in London as bargain hunters step in

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By Barbara Kollmeyer

London stocks gained Wednesday, as investors waded back in to pick up perceived bargains, with travel names like Stagecoach surging on deal news.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.0088% climbed 1.6% to 7,060 though it was held back by losses for the commodity sector as oil prices /zigman2/quotes/209723049/delayed CL00 +0.03% reversed a surge that has taken it to 2008 highs. Shares of BP /zigman2/quotes/202286639/delayed UK:BP -0.98% /zigman2/quotes/207305210/composite BP -0.25% were down more than 2% and Shell /zigman2/quotes/206428183/delayed UK:SHEL -0.61% /zigman2/quotes/205095589/composite SHEL -0.75% was off 1%.

London was underperforming European equity indexes, where the DAX /zigman2/quotes/210597999/delayed DX:DAX +0.23% was headed for its best session in two years.

Mining stocks were also declining overall, with Rio Tinto /zigman2/quotes/202627887/composite RIO -1.92% /zigman2/quotes/208934945/delayed UK:RIO -1.67% down over 3%, while Glencore /zigman2/quotes/201400686/delayed UK:GLEN -4.21% and Anglo American /zigman2/quotes/201381512/delayed UK:AAL -3.93% lost more than 1% each.

The London Metals Exchange said nickel trading won’t resume before Friday , following a volatile session on Tuesday that saw prices soar, due to short positions out of China that needed to be closed after the industrial metal climbed as much as 70% on Monday.

Shares of International Consolidated Airlines /zigman2/quotes/208070069/delayed UK:IAG +1.13% climbed nearly 9%, while InterContinental Hotels /zigman2/quotes/202865596/delayed UK:IHG +0.18% rose 6%, and Wizz Air /zigman2/quotes/210449062/delayed UK:WIZZ +5.96% and easyJet shares /zigman2/quotes/202825892/delayed UK:EZJ +2.81% were up by 12% or more.

Airlines have been under pressure over worries about soaring fuel costs and weak traveler confidence, as the Russia-Ukraine war stretches into nearly two weeks.

Other gainers such as Rolls Royce /zigman2/quotes/203646520/delayed UK:RR +3.77% , which is dependent on commercial air travel, and Premier Inn owner Whitbread /zigman2/quotes/207954631/delayed UK:WTB +1.25% rose “amid some speculation that even if international travel takes a knock, domestic bookings could rebound again if holidaymakers opt to stay closer to home,” said Susannah Streeter, senior investment and markets analyst Hargreaves Lansdown, in a note to clients.

Elsewhere, shares of Stagecoach  surged after it announced it received a rival £596 million ($782 million) cash bid from German asset manager DWS /zigman2/quotes/210227291/delayed XE:DWS -1.68% , and “looks set to pursue that relationship instead of driving off into the sunset with National Express,” said Streeter.

“The stage had been set for another bidder to jump in given the brakes had already been put on the merger with National Express, as the UK’s Competition and Markets authority had been investigating if the deal would have reduced competition in the industry,” said Streeter, noting that Stagecoach had been hit hard by travel restrictions during the pandemic.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,168.65
-0.63 -0.0088%
Volume: 617,585
July 1, 2022 4:55p
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/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 108.46
+0.03 +0.03%
Volume: 285,493
July 1, 2022 4:59p
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
384.50 p
-3.80 -0.98%
Volume: 32.50M
July 1, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
4.73%
Market Cap
£73.35 billion
Rev. per Employee
£1.74M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 28.28
-0.07 -0.25%
Volume: 11.92M
July 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
4.56%
Market Cap
$88.07 billion
Rev. per Employee
$2.39M
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/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 2,121.00
-13.00 -0.61%
Volume: 10.81M
July 1, 2022 4:35p
P/E Ratio
10.29
Dividend Yield
0.04%
Market Cap
£155.63 billion
Rev. per Employee
£2.59M
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/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 51.90
-0.39 -0.75%
Volume: 5.05M
July 1, 2022 4:00p
P/E Ratio
9.31
Dividend Yield
3.46%
Market Cap
$186.85 billion
Rev. per Employee
$3.53M
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,813.03
+29.26 +0.23%
Volume: 80,285
July 1, 2022 6:30p
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 59.83
-1.17 -1.92%
Volume: 3.88M
July 1, 2022 4:00p
P/E Ratio
4.60
Dividend Yield
13.24%
Market Cap
$97.66 billion
Rev. per Employee
$1.29M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,834.50 p
-82.00 -1.67%
Volume: 2.58M
July 1, 2022 4:35p
P/E Ratio
5.14
Dividend Yield
11.95%
Market Cap
£81.35 billion
Rev. per Employee
£935,616
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/zigman2/quotes/201400686/delayed
UK : U.K.: London
426.35 p
-18.75 -4.21%
Volume: 48.38M
July 1, 2022 4:35p
P/E Ratio
15.65
Dividend Yield
5.08%
Market Cap
£55.48 billion
Rev. per Employee
£1.09M
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,821.50 p
-115.50 -3.93%
Volume: 3.57M
July 1, 2022 4:35p
P/E Ratio
5.68
Dividend Yield
7.59%
Market Cap
£37.74 billion
Rev. per Employee
£474,259
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/zigman2/quotes/208070069/delayed
UK : U.K.: London
108.84 p
+1.22 +1.13%
Volume: 19.32M
July 1, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£5.39 billion
Rev. per Employee
£128,176
loading...
/zigman2/quotes/202865596/delayed
UK : U.K.: London
4,358.00 p
+8.00 +0.18%
Volume: 570,994
July 1, 2022 4:35p
P/E Ratio
41.22
Dividend Yield
1.55%
Market Cap
£7.99 billion
Rev. per Employee
£189,384
loading...
/zigman2/quotes/210449062/delayed
UK : U.K.: London
1,858.50 p
+104.50 +5.96%
Volume: 485,174
July 1, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£1.92 billion
Rev. per Employee
£357,174
loading...
/zigman2/quotes/202825892/delayed
UK : U.K.: London
376.90 p
+10.30 +2.81%
Volume: 7.25M
July 1, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£2.85 billion
Rev. per Employee
£208,923
loading...
/zigman2/quotes/203646520/delayed
UK : U.K.: London
86.08 p
+3.13 +3.77%
Volume: 27.48M
July 1, 2022 4:35p
P/E Ratio
45.07
Dividend Yield
N/A
Market Cap
£7.20 billion
Rev. per Employee
£254,955
loading...
/zigman2/quotes/207954631/delayed
UK : U.K.: London
2,509.00 p
+31.00 +1.25%
Volume: 479,683
July 1, 2022 4:35p
P/E Ratio
119.76
Dividend Yield
1.38%
Market Cap
£5.06 billion
Rev. per Employee
£45,944
loading...
/zigman2/quotes/210227291/delayed
XE : Germany: Xetra
24.54
-0.42 -1.68%
Volume: 137,633
July 1, 2022 6:30p
P/E Ratio
6.29
Dividend Yield
8.15%
Market Cap
€4.91 billion
Rev. per Employee
€1.13M
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