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Easyjet's pound woes sink FTSE 100 Easyjet's pound woes sink FTSE 100
(about 4 hours later)
(Open): London's leading shares were slightly lower in early Thursday trading, with airline Easyjet worst hit after it warned that the weak pound would cost it £90m this financial year. (Noon): London's leading shares were slightly lower in Thursday morning trading, with airline Easyjet worst hit after it warned that the weak pound would cost it £90m this financial year.
Easyjet fell 7.2% in the wake of the announcement, making it the biggest loser on the FTSE 100 share index. Easyjet fell 6% in the wake of the announcement, making it the biggest loser on the FTSE 100 share index.
The pound has recently been under pressure as worries over the Brexit process persist.The pound has recently been under pressure as worries over the Brexit process persist.
Overall, the FTSE 100 was down 0.75 points at 0.01% at 7,032.50. Overall, the FTSE 100 was down 8.89 points or 0.13% at 7,024.36.
This week, sterling has hit a 31-year low against the dollar and a five-year low against the euro.This week, sterling has hit a 31-year low against the dollar and a five-year low against the euro.
The currency has fallen on worries that the UK will be prepared to leave the EU single market as part of the Brexit process so that it can impose controls on immigration.The currency has fallen on worries that the UK will be prepared to leave the EU single market as part of the Brexit process so that it can impose controls on immigration.
In early trading on Thursday, it notched up further slight falls, sliding 0.17% against the dollar to $1.2727 and 0.1% against the euro to €1.1367. In morning trading on Thursday, it notched up further slight falls, sliding 0.34% against the dollar to $1.2706 and 0.19% against the euro to €1.1356.