Thomas Cook shares slump on day Egyptair jet goes missing

Shares in Thomas Cook plunged 19% yesterday as it said its summer bookings fell as security concerns meant more holidaymakers opted for breaks in Spain over Turkey, Tunisia, and Egypt, outstripping its efforts to adjust flights.

The drop in the shares to a three-year low of 72 pence came as it released its first-half results, on the day travel stocks fell after the disappearance of an EgyptAir flight.

Despite shifting 1.2 million airline seats from the eastern to the western Mediterranean, the British travel operator said bookings were down by 5% and full-year profit would now be at the bottom end of market forecasts.