XL collapse sees rivals prosper on FTSE

The collapse of a rival operator buoyed holiday giants TUI Travel and Thomas Cook today as the FTSE 100 Index surged nearly 2% in the final session of the week.

The collapse of a rival operator buoyed holiday giants TUI Travel and Thomas Cook today as Britain's FTSE 100 Index surged nearly 2% in the final session of the week.

Shares in the companies rose by more than 6% after XL, the UK's third largest holiday firm, went into administration and removed a major competitor from the marketplace.