Concerns over earnings by airlines and hotel operators spread to the FTSE 100 this morning, cutting ...
Concerns over earnings by airlines and hotel operators spread to the FTSE 100 this morning, cutting 4 points off the index, which stands at 3,962.
Intercontinental announced a fall in quarterly profits, pushing its shares down 8p to 334p, and it was closely followed by Hilton Group, which is down 3p to 153.5p.
Currency is also in the news this morning, as BHP Billiton has been caught out by a strong South African rand, and its shares are down 14.75p to 321p.
Dixons announced its 2003 pre-tax profits are likely to be within analysts' ranges, but shares still dropped 2.25p to 98.75p, partly because Sony announced in Japan that sales of PS2 Playstations have not been as strong as forecast during the first quarter this year.
Allied Domecq also says it believes earnings and profits will meet analysts' forecasts, but the market has reacted with more faith, pushing shares up 7.25p to 336p.
Brewers have followed suit, Scottish & Newcastle is up 7p to 365.5p, and Whitbread is up 12p to 617.5p.
Aviva announced poor first quarter results particularly for its UK-based businesses, but still saw its shares gain 7.75p to 442.25p as the market saw overall sales keep up despite continuing stock market falls.
The FTSE 250 is down 2 points to 3,960.
Cookson fell 2p to 19.75p after it said trading in the next few months would remain relatively unchanged.
Online bank Egg has delayed its breakeven date for is French operations, and shares are down 9p to 93.25p.
Chubb is up, however, after US firm United Technologies broke cover to admit it is the stalker intent on acquiring the security firm, and shares are up 3.75p to 69.25p after two days of falls.
Shares in the US did marginally better last night.
The Dow Jones Industrial Average gained 30.67 points to 8,515.66, the S&P 500 index climbed 7.65 points to 919.02, and Nasdaq's Composite index increased 14.80 points to 1,466.16.
Tokyo's Nikkei 225 index clawed back some gains by rising 61.19 points to 7,854.57, but Hong Kong's Hang Seng has slumped 77.49 points to 8,442.11 as the territory continues to struggle with SARS.
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October