FTSE 100 ends higher despite being weighed by tourism stocks after Paris attacks
The FTSE 100 has rebounded to be trading flat in mid-afternoon trade, after it opened lower this morning, led higher by mining stocks despite tourism stocks including airlines and hotels falling in the wake of the deadly attacks in Paris on Friday night.
The UK's top blue-chip index was up 0.5 per cent to 6,146.38 points at the close.
International Consolidated Airlines (IAG), EasyJet and InterContinental Hotels were among the biggest losers. IAG fell 2.8 per cent to 576p per share, while EasyJet closed 0.39 per cent down at 1,783p per share. InterContinental Hotels was 1.91 per cent lower at 2,461p per share.
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Meanwhile, Carnival, the cruise line, was 1.73 per cent down at 3,409.5p per share and TUI traded 3.97 per cent of down at 1,089.5p per share.
It is typical for tourism-based stocks to fall in the wake of an attack due to fears that tourism will fall as people do not wish to travel.
Mining stocks rose in early trading, leading the FTSE 100 into positive territory. However, Glencore closed down by 3.83 per cent at 89.54p per share.
Meanwhile, BHP Billiton dropped by 0.65 per cent to 877.70p per share, and Antofagasta fell 0.9 per cent to 4475.3p per share. Anglo American was down 0.48 per cent to 454p per share.
Bucking the trend, Fresnillo climbed 0.15 per cent to close at 674p per share.
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Before trading up, the FTSE 100 followed other European stocks on opening, as well as Asian stocks, which fell due to the shake of the attacks coupled with economic data from Japan which showed the country falling back into recession.
Along with tourism fallers, airline stocks outside the FTSE 100 also suffered large losses.
Meanwhile, Taylor Wimpey, Britain's second largest housebuilder, increased 4.09 per cent to 180.90p per share after announcing a positive outlook of the property market.
BAE Systems and Rolls-Royce also regained some ground lost last week, with the former trading 2.45 per cent up at 464.70p per share and the latter trading 2.82 per cent up at 528p per share.