Market Report: Meandering FTSE 100 unsettled by Netflix caution

Headlines from the Proactive UK newsroom.

The FTSE 100 drifted lower despite a modest rebound by markets in Asia. London’s blue-chip index eased a couple of points to 6,247.

Netflix saw subscriber numbers jump by 10.1mln in its latest quarter against predictions of 8.2mln but warned growth might be slowing after the lockdown surge. The streaming group added 26mln net new subscribers overall during the half.

British Airways has retired its 747 jumbo jet fleet four years ahead of schedule due to the impact of coronavirus on air travel. The 31 aircraft are being replaced by more modern, fuel-efficient aircraft such as A350s and 787s.

Rio Tinto PLC (LON:RIO) increased production and shipments of iron ore in the second quarter despite the coronavirus (COVID-19) pandemic. Pilbara iron ore production was up 7% quarter-on-quarter with shipments up 19%.

Verona Pharma PLC (LON:VRP, NASDAQ:VRNA) saw its share price rise by a third as it raised US$200mln from high profile US investors. The oversubscribed funding will be used for a phase III trial of ensifentrine, its inhaled treatment for COPD.

ClearStar Inc (LON:CLSU) said it is “encouraged by the strong recovery in revenue” since the peak of the coronavirus pandemic, adding that it has not lost a single customer during the crisis. Revenue run rate experienced “a significant uptick” from the end of May.

Xpediator PLC (LON:XPD) also said transportation volumes are moving back towards pre-coronavirus crisis levels. The logistics group said it had performed robustly during the pandemic with a steady recovery since April.

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