Market round-up: Finalisation of Aer Lingus sale boosts IAG stock as FTSE 100 sinks

Aer Lingus Airbus A320 — British Airways owner IAG had made a successful €1.4bn bid for Irish Government's 25% stake in Aer Lingus in May Reuters

The FTSE 100 edged downward as a drop in the value of Chinese stocks weighed the market down despite positive consumer-price inflation figures in the UK. The International Consolidated Airlines Group, however, managed to make gains as it edged toward finalising its purchase of Aer Lingus.

Shares in mining firms BHP Billiton and Anglo American fell -1.85 and -1.76% respectively on 18 August as copper prices plunged to six-year lows.

"Markets suffered a hangover from the slump in China's Shanghai Composite Index which closed at its lowest level since 7 August as the yuan slipped below the midpoint rate set by the People's Bank of China," according to AJ Bell investment director Russ Mould.

The London Stock Exchange edged -0.37% lower to close the day at 6,526.29p. After becoming the market's biggest faller on 17 August, Glencore added +3.59% to its stock, continuing a trend of sharp ups and downs for the resource investor.

In positive news, IAG gained +1.29% on its stock after it received confirmation of acceptance of its offer to buy up all shares of Aer Lingus held by the Ryanair Group. All conditions of the purchase have now been. British Airways owner IAG made a successful €1.4bn bid for the Irish government's 25% stake in Aer Lingus in May.

"We'd like to welcome Aer Lingus into IAG," said the group's chief executive, Willie Walsh. "It will remain an iconic Irish brand with its base and management team in Ireland but will now grow as part of a strong, profitable airline group. This means new routes and more jobs benefiting customers, employees and the Irish economy and tourism."