The FTSE 100 index started the week with a 2 ½ year-high this morning, thanks mainly to British Airways, after oil prices fell again and profit forecasts from Irish rival Ryanair lifted other budget airlines.
The FTSE 100 gained 34 points or 0.7% to 4866.8 - its highest level since June 2002 – within the first two hours of trading after the price of Brent crude oil fell to $44.20 a barrel. This lifted confidence in airlines in general, but has so far been of most benefit to British Airways which is currently up 3% to 268p. Ryanair improved things further, even though it is Dublin-listed, as the firm predicted its full-year earnings will hit Euro246m from previous estimates of Euro200m. EasyJet also rose 4.7% to 225.25p in early trading as a result of oil and Ryanair confidence. High ...
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