FTSE 100 trims gains; 2,500 jobs at risk if creditors block Virgin Active

• FTSE 100 closes ahead
• Virgin Active risks collapse
• MPs call for new watchdog for fashion industry supply chain

5.05pm: FTSE 100 closes in the green

FTSE 100 closed higher on Friday as the US dollar firmed against sterling, boosting the UK benchmark’s constituents.

Footsie closed the day over 24 points higher, or 0.36%, at 6,761. Over the week as a whole, the FTSE 100 gained 1.9%.

Midcap FTSE 250, on the other hand, finished down over 26 points, or 0.12%, at 21,506.

The pound was down 0.44% against the US dollar.

Chris Beauchamp, chief market analyst at trading firm IG Index, noted that while banks have made headway on the Footsie the vitally-important mining sector remained “AWOL”.

“Despite the robust outlook for global demand for raw materials the stronger dollar continues to act as a drag on prices, and thereby on the sector itself,” he said.

Copper giant Antofagasta’s () numbers next week are a chance for this narrative to change, added the analyst.

3.45pm: Around 2,500 jobs at risk if creditors block Virgin Active restructuring plans

FTSE 100 trimmed its gains before close and rose 17 points to 6,754, while sterling extended its losses and plunged 0.9% to US$1.3871.

Virgin Active may collapse if its creditors block restructuring plans, putting 2,500 jobs at risk.

The gym is considering appointing administrators by early June if lenders and landlords don’t support the new measures, Sky News reported.

However, the administration wouldn’t be aimed at rescuing the struggling firm but it would involve a sale and wind-down of assets and operations.

The company, partly owned by billionaire Richard Branson, was hoping to finalise a rescue deal for its 40 sites by late next month.

Shares in () dipped 1% to 238.5p on Friday.

3.30pm: Proactive North America headlines:

Todos Medical Ltd () reveals $7.15 million in sales for the month of February 2021, representing a 38.1% month over month increase

() () (FRA:AC4) finalizes definitive agreement to acquire cannabis company Green Therapeutics

Thoughtful Brands Inc () (FRA:1WZ1) () strengthens sales and operation networks in North America and Europe

Inc () () (FRA:7LV) enters into pre-roll manufacturing and distribution services deal with Experion Biotechnologies

American Manganese Inc () () awards C$2.7M contract to build two battery recycling plants to partner Kemetco

() () (FRA:M5BQ) subsidiary CannMart receives its medical cannabis license renewal

2.42pm: Wall Street mostly lower at the opening bell

The main indices on Wall Street began Friday’s session on a mixed footing, although the overall trend of the market appeared to be pointing lower in early deals.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.11% at 32,521, however the S&P 500 was down 0.39% at 3,923 while the Nasdaq dropped 1.35% to 13,217.

Traders seem to be struggling to maintain momentum following yesterday’s strong session, with optimism following the approval of new US stimulus showing signs of petering out towards the end of the week.

The latest US producer prices for February, which was in line with forecasts of 0.5% growth, also failed to provide much excitement.

Back in London, the FTSE 100 was continuing to push higher in late afternoon, rising 26 points to 6,762 just before 2.45pm.

1.40pm: MPs call for garment trade watchdog to police labour abuse

FTSE 100 swung to the green in the early afternoon but was up only 6 points to 6,743.

MPs have called for a watchdog to police labour abuse in the domestic and international supply chains supplying UK fashion retailers.

In a letter to the Secretary of State for Business, Energy and Industrial Strategy, the Environmental Audit Committee said the government should explore the introduction of a Garment Trade Adjudicator.

READ: boohoo asked to link management bonuses to ESG goals by MPs

“The Committee has been shocked by revelations over the last three years of labour…