Surprisingly, it was airline stocks which helped to keep the FTSE 100 buoyant today after Ryanair an...
Surprisingly, it was airline stocks which helped to keep the FTSE 100 buoyant today after Ryanair announced its second quarter earnings rose by 43% and BA said it would not be hit as much as initially anticipated by the Sept 11 attacks.
The FTSE 100 rose 79.6 points or 1.6% t 5209.o1 and the FTSE All-Share similarly rose 1.5% to 2488.05 after Ryanair Holdings saw its price rise 78p or 12% to 706p.
The low-cost airline said will be able to maintain successful second quarter earnings and sales through the third quarter because its expanding service and fare-slicing has proved attractive to customers. Several analysts now have a "buy" recommendation on Ryanair because of the initiative it has adopt to pull in new customers.
British Airways has also gained 6% despite worrying words earlier this morning which suggested the UK's largest airline was going to have cut jobs even further. BA climbed to 155.25p after the airline said "premium traffic declines have become slightly less severe through the course of October", however, it may be short-lived as BA reports its second-quarter earnings tomorrow.
Travel firms have now fared too well as fears of a UK recession move in. Landround, a Uk travel promotions company, fell 11% to 65.5p, Airtours, Europe's second largest tour operator dropped 4% to 192p and First Choice lost 1.4% to 108p.
Over in the US, markets are performing well but it is the technology sector which is again standing its ground after analysts predicted the Federal Reserve will cut overnight interest rates for the tenth time this year.
Intel and Microsoft led tech stocks higher on the back of industry speculation that the industry will rebound if the economy picks up next year.
The Dow Jones Industrial Average climbed 130.85 to 9454.39 and the Nasdaq jumped 47.93 points to 1793.66 after analysts predicted the economy might bottom out with the help of rate cuts.
Shares are now trading much faster than they were two weeks ago, and the market is now moving in a cyclical motion, according to analysts at US boutique, BlackRock.
Analysts say the market is "moving in a cyclical rotation from staples, finance and health care into cyclicals including technology" to prepare the economy for next year.
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