Tui slides on share sale to pay Covid aid | Business

Tui, the holiday company, fell sharply this morning after it placed new shares worth €425 million to repay part of the German state funding it received during the Covid-19 pandemic.

Shares in the company, which said last week that it predicted a strong summer ahead, dropped 27½p, or 11.1 per cent, to 218¾p.

Overall trading was subdued after CPI inflation rose as expected to a 40-year high of 9 per cent, with the FTSE 100 up just 3.69 points to 7,522.45.

British Land buoyed the index after the commercial property company swung back into the black after three years of losses. The shares rose 21½p, or 4.1 per cent, to 527¼p. Land Securities, which yesterday said it had also returned to profit, gained 17¼p,