Business

FTSE 100 boosted by travel firm Tui

Trader in London Image copyright AFP

(Close): The London market shrugged off early losses to close higher, helped by gains in bottling firm Coca-Cola HBC and travel firm Tui.

The benchmark FTSE 100 index closed up 48.29 points, or 0.7%, to 6,914.71.

Tui shares rose 2.8% to 1041p as it reaffirmed profit forecasts despite a difficult year for the travel industry.

It said third-quarter revenues fell 5.7% due to falling bookings to North Africa and Turkey, and the impact of terror attacks in Europe.

However, the company said there had been "no apparent slowdown" in UK bookings following the Brexit vote.

Tui said underlying earnings grew 1% in the quarter, and it still expected underlying profits for the full year to grow by at least 10%.

The top riser on the FTSE 100 was the bottling firm Coca-Cola HBC after it reported better than expected results. Profit rose 4.8% to €229.6m (£197m) in the first half of the year and it forecast stronger sales growth for the year ahead.

Shares closed up 7% to 1681p.

In the FTSE 250, furniture chain DFS rose 15% after it said full-year revenues rose 7% and added it expected "a record performance for the full year with results towards the upper end of market expectations".

But shares in Card Factory fell 6.7% after its latest trading update. The retailer said the retail environment in the first half of the year had been "challenging", but said it was "confident" of meeting analysts' expectations for full-year profits.

On the currency markets, the pound lost 0.35% against the dollar to $1.2964 but and fell 0.3% against the euro to €1.1606.