UPDATE 2-FTSE 100 slips, lockdown exit plan boosts travel stocks

  • Reuters
  • Stock Market News
UPDATE 2-FTSE 100 slips, lockdown exit plan boosts travel stocks
Credit: © Reuters.

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* Boris Johnson sets roadmap on easing of lockdown measures

* Pound rises to close to three-year highs

* FTSE 100 down 0.2%, FTSE 250 off 0.3% (Updates to market close)

By Shivani Kumaresan and Amal S

Feb 22 (Reuters) - London's FTSE 100 slipped on Monday, but recovered from early lows as British Prime Minister Boris Johnson set out a phased plan to end England's COVID-19 lockdown, boosting travel-related stocks.

After falling as much as 1.2% after a jump in commodity prices sparked fears of a spike in inflation, the blue-chip FTSE 100 .FTSE cut losses in afternoon trading as Johnson unveiled a roadmap to exit the lockdown. said the first stage would prioritise schools returning on March 8, when only minimal socialising outdoors would be allowed. final step, when most restrictions would be lifted, would not start until June 21 at the earliest.

British Airways owner IAG ICAG.L jumped 7.5% to the top of FTSE 100 .FTSE , while InterContinental Hotels IHG.L , Wizz Air WIZZ.L and Cineworld CINE.L gained between 3.9% and 8.9%. pound hit three-year highs against the dollar, leaving the exporter-heavy FTSE 100 index down 0.2% at the close. GBP/

"Boris' slow and cautious plan to put the UK economy back on its feet has been greeted with a small bounce off the lows for the FTSE 100, but for this index to thrive, it will need a much broader global reopening effort," said Chris Beauchamp, chief market analyst at IG.

British health officials said England's vaccine campaign is significantly reducing cases, with a drop of around 70% in coronavirus infections among healthcare workers who have had a first dose of the Pfizer-BioNTech shot. FTSE 100 has recovered nearly 34% from its March 2020 lows and is nearly 15% away from its highest level last year, following record stimulus measures and vaccine rollouts.

However, rising bond yields and expectations of a pick-up in inflation and growth have weighed on global equity markets in recent weeks.

Oil heavyweights BP BP.L and Royal Dutch Shell RDSa.L jumped more than 2% as crude prices gained. O/R

The mid-cap index .FTMC fell 0.3%, with G4S (CSE: G4S ) Plc GFS.L sliding 9.8% as Allied Universal won a months-long takeover battle for the world's largest private security firm after Canada's GardaWorld said it would not raise its offer.

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