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The FTSE 100 cooled its rally Friday as banks and travel-related stocks fell, though the broader market recovery is expected to continue as the country eyes a further lifting of restrictions next week.
At 09:22, the benchmark FTSE 100 index was down 31 points, or 0.5%, at 6,910.86.
Babcock slumped Friday as the defence company is reportedly set to announce a string of asset writedowns costing several hundred million pounds, according to a Financial Times report, citing unnamed sources.
Babcock's share price fell 8.50% to £2.17. Military equipment company Avon Rubber said it remains 'confident' of achieving its expectations for the current financial year as positive momentum continued into the second quarter.
Revenue for the first half of the year is expected to be $122 million, up from $87 million. The growth included a first-time contribution from Team Wendy of $20m during the first five months of ownership.
Avon Rubber's share price rose 1.42% to £34.80.
The management board of TUI AG will offer senior unsecured bonds convertible in an aggregate principal amount of approx €350 million, as the company seeks to patch up its liquidity position.
The company said there will be an option to increase the issuance volume to €400 million. The bonds will be convertible into new and/or existing no-par value ordinary registered shares of TUI.
Tui's share price fell 6.5% to £3.71.
Frasers group, formely Sports Direct, reported flagged a further writedown in excess of £200 million to its assets owing the pandemic impact as it envisaged a third-wave of Covid would result in further Covid-19 restrictions.
Frasers' share price fell 0.81% to 1.23 pence.
Rio Tinto has entered into a binding Heads of Agreement with Turquoise Hill Resources for an updated funding plan of about $2.3 billion to complete the Oyu Tolgoi Underground Project in Mongolia.
The funding plan builds on and replaces the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.
Rio Tinto's share price fell 0.33% to £1.15.
Online fashion retailer Asos its subsidiary Cornwall (Jersey) Limited priced its offering of £500 million of senior unsecured guaranteed convertible bonds due 2026 at par.
The bonds will carry a coupon of 0.75% per annum payable semi-annually in arrear in equal instalments on 16 April and 16 October in each year, with the first interest payment date being 16 October 2021.
Asos's share price fell 3.18% to £54.13.
Melrose Industries has appointed Heather Lawrence and Victoria Jarman to its board as non-executive directors, with effect from 1 June 2021.
The company's share price rose 0.49% to £1.74.
Online fashion retailer Boohoo said it has agreed a long-term lease for a new warehouse in Daventry, due to become operational in the second quarter of the group's financial year.
This site will support 'the group's expansion and adds capacity in addition to its existing facilities in Burnley, Sheffield and Wellingborough,' the company said.
Boohoo's share price fell 1.08% to £3.41.