StockMarketWire.com - The FTSE 100 index opened down 0.3% at 5,758.04, as companies across Europe began Q3 earnings season, revealing the extent to which they have been hit by the global pandemic and hopes for a US stimulus package faded.
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 95p.
Consumer goods giant Unilever reported underlying sales growth of 4.4% for the third quarter of 2020. It ticked up 1.1% to £47.55.
Estate agent Countrywide's shares slumped 12.2% to 162p 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 2.7% to £55.58 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 2.3% to £12.48.
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 529p.
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 ticked up 0.7% to £26.84.
Publishing and events company RELX's shares dropped 1% to £16.38 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 0.5% to £17.74.
Property investment company Capital & Counties said it had invested another £65 million in West End property investor Shaftesbury, increasing its stake to over 25%.
Its share price dropped by 9.7% to 102.9p on the news. Shaftesbury itself fell 17.4% on news of a discounted cash call.
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 256p
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 £705p. Story provided by StockMarketWire.com
Shares Magazine

Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events

Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.