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The FTSE 100 index opened down slightly this morning, falling by 0.9%, as companies across Europe began Q3 earnings season, revealing the extent to which they have been hit by the global pandemic.
British Airways owner International Airlines Group swung to a third-quarter loss and warned it no longer expected to breakeven on cash flows in the fourth quarter after slashing its capacity amid a surge in Covid-19 cases.
It planned for capacity in the fourth quarter of 2020 to be no more than 30% compared to 2019, citing the high uncertainty of the current environment.
Shares were down 5.2% in early trading to £0.95.
Countrywide's shares dropped by 9.7% this morning as it urged shareholders to back a recapitalisation plan. The plan would see Alchemy take a majority stake in the company with a £90 million investment and shake up the board with a new leadership team.
Renishaw's stock was down more than 1.7% this morning despite the company reporting that its adjusted profit before tax jumped by more than 300% in the three months to the end of September when compared to the same period last year.
Total revenue for the quarter declined to £116.9 million, down by 6%, but profit before tax reached £18.3 million compared to £4.3 million a year earlier.
Builders merchant Travis Perkins recorded like-for-like revenue growth of 3.9% in the third quarter of 2020, it announced this morning.
It cited strong performance from its Wickes and Toolstation brands, with the latter recording like-for-like sales growth of 25.5%.
Travis Perkins shares were up 2.6% this morning.
Mining company Anglo American reported a 24% rise in quarterly production in the third quarter compared to the second.
Its share price was flat this morning at £19.50.
Rentokil Initial reported ongoing revenue growth of 9.8% in the third quarter of 2020 as it returned to a programme of acquisitions.
The company's shares were up 2.3% on the news to £5.29.
Consumer goods giant Unilever reported underlying sales growth of 4.4% for the third quarter of 2020 as turnover hit €12.9 billion.
Its stock was down slightly by 0.2% in early trading.
FTSE 250-listed Spectris reported a like-for-like sales decline of 9% in the third quarter of 2020, up from -18% in Q2.
Shares were down by 1.8% to £26.19.
Publishing and events company RELX's shares dropped 1% this morning after it reported a 70% decline in revenue for its exhibitions and events business over the course of 2020 to the end of September.
Mining company Polymetal International reported a 35% jump in third-quarter revenue as gold and silver prices rose. Revenue for the period reached $884 million.
Its shares ticked up slightly by 0.1% this morning.
Property investment company Capital & Counties said it had invested another £65 million in Shaftesbury, increasing its stake to over 25%.
Its share price dropped by 7.8% on the news.
Online comparison site Moneysupermarket.com reported a 16% fall in revenue in the third quarter of 2020 amid tighter bank lending conditions.
Its stock fell by 4.1% in early trading to £2.56.
Online music and equipment retailer Gear4music upgraded its outlook after reporting a jump in sales in the first of the year as strong demand continued.
Its share price was up by 2.2% to £7.05.