FTSE 100 virtually flat but British Airways owner IAG PLC climbs into top spot

• FTSE 100 closes up 0.02%
• US stocks mixed
• Vodafone under pressure

5.30pm: FTSE closed ahead – just

FTSE 100 closed just a shade ahead on Tuesday and it was a mixed bag across global markets.

The UK’s index of leading shares closed up 1.39 points, or 0.02%, at 7,034.

The more UK-company focused FTSE 250 fared better, adding 118 points, or 0.53%, to 22,332.

On Wall Street, the Dow Jones shed around 84 points at 34,243. The S&P 500 lost around four at 4,159. But the tech-heavy Nasdaq added over 63 points at 13,442.

“The Nasdaq has been the days outperformer, with the likes of Amazon helping to drive that resurgence. Despite this week marking the last embers of US earnings season, todays earnings data from Walmart and Home Depot did provide a welcome update on consumer activity in the first quarter,” noted Joshua Mahony, senior market analyst at online trading group IG.

“The huge jump in sales across both Home Depot and Walmart provides a timely reminder that despite the pandemic, we have seen major increases in spending across a while range of products and services.”

4.08pm: Mixed fortunes heading into the close

Heading into the close, leading shares have a listless air about them.

The FTSE 100 has managed to edge 10.37 points or 0.15% higher to 7043.22.

British Airways’ owner International Consolidated Airlines PLC () retains its top spot in the leading index, up 3.82% at 196.92p, on hopes that travel will now really start to take off as lockdown eases. An upbeat message from Lufthansa has also helped the sector.

Retailer () has jumped 2.73% to 919.8p while DIY specialist () has built up a 2.36% rise to 377.3p.

But disappointing results from Vodafone PLC () have left the mobile phone group as the day’s biggest FTSE 100 faller, down 8.05% or 11.4p at 130.3p.

Michael Hewson, chief market analyst at CMC Markets UK, said: “It’s been another fairly subdued day of trading for markets in Europe, as an initially strong start and a new record high for [Germany’s] DAX soon gave way to some intraday profit taking, and a mixed finish to the day.

“The FTSE100 briefly managed to push above the 7,100 level before retreating, with telecoms acting as the biggest drag, as Vodafone shares took a bit of a pummelling after falling a little short on expectations… 

“Having taken a bit of a beating [on Monday], travel and leisure stocks have rebounded today with British Airways owner IAG shares outperforming, along with other airline shares after Germany’s national carrier, Lufthansa said it had seen a surge in demand for transatlantic flights.”

Meanwhile the pound has been supported by the positive UK unemployment figures, up0.45% to US$1.4211 against a dollar also weakened by a fall in expectations that the Federal Reserve will raise US interest rates in the near future.

3.23pm: IAG outperforms uncertain market

With the Dow Jones Industrial Average and S&P 500 now dipping into the red, leading UK shares have lost most of their gains.

The FTSE 100 is now up just 4.58 points or 0.065% at 7037.43.

But the prospect of increased travel as lockdown eases – if all goes according to plan at least – has given a lift to International Consolidated Airlines PLC (). 

The British Airways owner is up 2.9% at 195.18p, making it the top riser in the leading index.

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