BA is on the back foot again and stocks are falling after Ryanair Holdings this morning announced th...
BA is on the back foot again and stocks are falling after Ryanair Holdings this morning announced third-quarter profit rose by half.
Even though Ryanair had positive news, both the firm and the FTSE are already on the slide and the FTSE 100 has dropped 23.6 points or 0.6% to 3665.8.
Ryanar has so far lost 5.5p or 1.3% while British Airways, has fallen 3p or 2.5% to 116.75p as Dublin-based Ryanair is increasing its fleet and appears to be cutting into BA's business.
There is some positive news, however, as Abbey National has climbed 8.5p or 2% to 426.5p thanks to its sale of First National consumer credit business to GE Consumer Finance for a much higher price than its total assets.
Chrysalis Group, the owner of several commercial radio stations including Heart, has also added 2p or 1.1% to 189.5p as its revenue has also risen by around 18.6% compared with the previous year.
Improved earnings forecasts for some of the Japanese telecom stocks have helped to boost Asian markets this morning.
NTT DoCoMo says spending by subscribers has beat their expectations while KDDI Corp is expected to exceed targets.
The Topix managed to advance 0.8% to 844.26 by close of play while the the Nikkei 225 Stock Average fell slightly by 0.2% to 8484.9.
Part of the gain was the result of a report in the US which showed manufacturing has expanded for a third month and chance of export demands may help to lift the Asian economy.
South Korea's Kospi index rose 0.6% led by Hyundai Motor and Samsung Electronics Co along with Singapore's Straits Times index, while indices in Hong Kong, the Philippines and Thailand slid.
Yesterday's US trading ended well but the Standard & Poor's 500 index rose only a fraction by closed of business to 860.32. Concerns about the pending war with Iraq are still keeping trading relatively conservative.
The Dow Jones Industrial Average added 56.01 points or 0.7% to 8109.82 and the Nasdaq just passed the flat level to rise 2.88 points or 0.2% to 1323.79.
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