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FTSE 100 lifted by Easyjet's profit upgrade FTSE 100 lifted by Easyjet's profit upgrade
(about 3 hours later)
(Open): The FTSE 100 index rose more than 1% in early trade, with Easyjet leading the way after the carrier raised its full-year profit forecast. (Noon): UK shares recorded strong gains, with Easyjet leading the way after the airline raised its full-year profit forecast.
The FTSE 100 index was up 79.45 points, or 1.3%, at 6,162.76. Shares in Easyjet jumped 5.7% after it said it expected profits of between £675m and £700m thanks to record traffic figures in August.
Shares in Easyjet jumped 6.5% after it lifted its full-year profit forecast to between £675m and £700m following record traffic figures in August. Other airline stocks were lifted by the news, with shares in British Airways owner IAG climbing 4.7%.
The news lifted other airline stocks, with shares in British Airways owner IAG climbing 4%. The FTSE 100 index was up 92.88 points, or 1.5%, at 6,176.19.
In the FTSE 250, shares in car dealership Lookers were up 7.9% after it announced it was buying rival Benfield for £87.5m. Shares in Morrisons were up 4% on speculation the supermarket group could become a bid target. It followed a report in the Daily Telegraph which said South African billionaire Christo Wiese was eyeing the UK's supermarket sector.
In the FTSE 250, shares in car dealership Lookers rose 7.7% after it announced it was buying rival Benfield for £87.5m.
Benfield employs 1,600 people in 30 dealerships located across the North of England and Scotland.Benfield employs 1,600 people in 30 dealerships located across the North of England and Scotland.
Shares in transport group Go-Ahead were down 7%. The company reported that full-year pre-tax profits had fallen to £78.7m from £91.2m, and also said it would achieve operating profit of £100m at its bus division in 2016-17, a year later than planned. Shares in transport group Go-Ahead were down 6.2%. The company reported that full-year pre-tax profits had fallen to £78.7m from £91.2m, and also said it would achieve operating profit of £100m at its bus division in 2016-17, a year later than planned.
On the currency markets, the pound fell 0.24% against the dollar to $1.5263, and dropped 0.28% against the euro to €1.3589. On the currency markets, the pound weakened at first following the release of the survey which indicated that growth in the UK's service sector slowed in August.
However, sterling then regained much of the ground lost. By midday, the pound was down 0.16% against the dollar to $1.5275, and 0.1% lower against the euro to €1.3614.