FTSE 100 set to snap six-day losing streak, Thomas Cook plummets

  • Reuters
  • Stock Market News
FTSE 100 set to snap six-day losing streak, Thomas Cook plummets
Credit: © Reuters.

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* FTSE 100 up 0.2%, FTSE 250 rises 0.1%

* Thomas Cook slumps after talks of a 750 mln stg bailout

* Lookers drops after profit warning

July 12 (Reuters) - Gains in financial stocks and oil majors drove London's main index higher in early trade on Friday, while small-cap Thomas Cook tanked after a proposed 750 million-pound bailout.

The FTSE 100 .FTSE edged 0.2% higher amid increasing bets that the U.S. central bank will cut interest rates later this month. The mid-cap FTSE 250 .FTMC added 0.1% by 0710 GMT.

An index of financials companies .FTNMX8350 rose after two sessions of losses, while Shell RDSa.L and BP BP.L were also among the biggest boosts to the index in early dealings.

Thomas Cook TCG.L , hit recently by fading demand for packaged holidays and high debt, slumped more than 30% on a proposed bailout which would hand control of its packaged-tour business to largest shareholder Fosun Tourism 1992.HK . Lookers LOOK.L , whose shares have almost halved in value this year as the car dealership chain battles weaker car demand in Britain, sank 26% after it warned on annual profit.

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