MARKET WATCH: BA proprietor in free fall after transatlantic crackdown

Shares in British Airways owner IAG fell after a crackdown by the competition watchdog on transatlantic routes.

BA, American Airlines, Iberia, Aer Lingus and Finnair agreed to give competitors slots for take-off and landing on routes between London airports and Boston, Miami and Chicago.

The five carriers together form the Atlantic Joint Business Agreement, which allows them to coordinate their transatlantic flights and make business decisions on prices and schedules.

The move came after an investigation by the Competition and Markets Authority. 

Under pressure: BA, American Airlines, Iberia, Aer Lingus and Finnair agreed to give competitors slots for take-off and landing on routes between London airports and the US

Shares in IAG – which also owns Iberia and Aer Lingus – fell 4.3 per cent, or 12.6p, to 278.2p.

With concerns about tariffs weighing on global stock markets, the FTSE 100 slid 0.08 per cent, or 7.27 points, to 8658.85 and the FTSE 250 fell 0.3 per cent, or 49.72 points, to 19864.98.

SSE rose 3.9 per cent, or 59.5p, to 1606p after the power generator operator named company veteran Martin Pibworth as its chief executive.

But WH Smith dropped 4.7 per cent, or 51p, to 1039p after agreeing to sell its High Street business to investment firm Modella Capital for £76m.