FTSE reverses earlier gains to trade in the red

As investors start to consider the possibility that rate cuts might not be in the offing in the US, stocks are struggling.

The FTSE 100 was down by lunchtime after a weak showing in Asia overnight. US futures were pointing to a lower open on Wall Street and other major European markets were also subdued.

LARGE AND MID CAP RISERS AND FALLERS

International Consolidated Airlines subsidiary British Airways said it was 'disappointed' the UK Information Commissioner's Office intended to hit the company with a fine of £183.4m following the theft of customer data in last year.

The company said it intended to launch an appeal against the proposed penalty. IAG shares fell 1.5%.

Tobacco company Imperial Brands detailed plans to buy back shares worth up to £200m and said it would tweak its dividend policy from next year. The company said it would maintain its 10% dividend increase in its final dividend for the current financial year, but from next year would simply seek to raise its annual dividend each year. Its shares were up 2.7%.

The board of Photo-Me International has announced that the publication of the group's accounts for the year ended 30 April 2019 will be delayed beyond 9 July 2019, the date previously announced as the date of their publication.

Although the company said the results were still expected to hit expectations, the shares fell 5.7%.

SMALL CAP RISERS AND FALLERS

Telematics and data insight firm Trakm8 announced a substantial drop in revenue and posted a loss for the year ended 31 March 2019.

Revenue was down 35% to £19.1m and the company revealed a pre-tax loss of £3.6m compared with a profit of £0.5m a year earlier as it experienced sales related challenges and contract delays. The shares fell 20%.

Oil firm Lansdowne Oil & Gas and Providence Resources were up 23% and 24.3% respectively as they announced a positive update on financing drilling plans on the Barryroe project.