FTSE 100 brighter after turnaround on Wall Street but International Consolidated

• FTSE closes up 35 points
• Just Eat hit by competition plans in Germany
• US stocks in the green

5pm: FTSE closes ahead

FTSE 100 closed in positive territory midweek as stock markets rebounded after Tuesday’s falls.

The UK’s top share index finished up over 35 points, or 0.52%, at 6,895, with pharma groups and tobacco giants making up some of the top risers.

The more domestically focused FTSE 250 went the other direction though, losing nearly 23 points, or 0.,10%, at 22,085.

Cheif market analyst at online trading group IG Chris Beauchamp noted that the market “still seems in search of a new narrative” and added that “earnings season provides the potential for some more downside as companies find themselves struggling to spin a positive case to justify further appreciation in their stock prices”.

PLC () closed the day 2.22% higher at 1,498p, while Hikma Pharmaceuticals () added 2.82% to stand at 2,445p.

4.20pm: Travel firms recover

Travel companies, which had fallen back this week as concerns about new COVID-19 variants grew, are recovering some of their losses.

Cruise company () is up 5.16% or 79p at 1610.2p while easyJet plc () has climbed 2.91% or 27.2p to 961.8p.

British Airways owner International Consolidated Airlines PLC () is also up, but less so, adding 0.93% or 18p to 194.9p amid concerns long haul carriers could come off worse than budget airlines following a briefing from the International Air Transport Association.

Michael Hewson of CMC Markets said: “Airlines were big fallers yesterday with long haul carriers getting hit the hardest, over concerns that extended shutdowns in Asia markets could mean delays to the speedy resumption of long-haul travel. These concerns were borne out after IATA said that they were revising up their estimates for airline industry losses for 2021 to $48bn, from $38bn, presumably on the basis of delays to the resumption of international travel.

“This perhaps helps explain why British Airways owner IAG has found gains much harder to come by today relative to the likes of EasyJet.”

Overall the FTSE 100 is still well into positive territory, up 45.75 points or 0.67% at 6905.62.

3.45pm: Tobacco shares recover

A  turnaround on Wall Street has helped push the FTSE 100 to its highest levels of the day.

With the Dow Jones Industrial Average now up 197.72 points or 0.5% at 34,019.02, the UK blue chip index is also looking brighter, ahead 51.12 points or 0.75% at 6910.99.

Travel companies and businesses likely to benefit from reopening are among the leading risers in the Dow, but the poor performance of  is weighing on tech shares, with the Nasdaq Composite down 0.07%.

In the UK, () is still leading the way, up 88p or 3.7% at 2466p following news it had resumed the launch in the US of its generic version of GlaxoSmithKline’s Advair Diskus treatment for asthma.

Tobacco shares, which were hit hard this week on reports that the Biden administration was poised to demand a reduction of nicotine levels in cigarettes, have made a recovery. Helped by suggestions by analysts at that such a move was already priced in, () is 60p or 2.23% better at 2752.5p while PLC () is up 34p or 2.32% at 1499.5p.

() has added 37.5p or 2.31% to 1664.5 after a positive presentation at an investor day by BetMGM, its joint venture with failed predator .

BetMGM chief executive Adam Greenblatt said: “BetMGM has demonstrated strong momentum, building a leading position in iGaming and is on track to be the number two operator across sports betting and iGaming in the U.S.

“The US market is shaping up to be even larger and more exciting than we originally envisaged, and we now believe it will be worth $32bn, including Canada. Furthermore, the outstanding progress that the team has made so far means that we now expect to achieve 20-25% US market share long term.  The unique partnership of Entain’s proprietary technology platform and MGM Resorts’ leading brand and loyal…