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FTSE 100 opens lower but RBS gains IAG shares soar as FTSE 100 recovers
(about 4 hours later)
London's benchmark share index fell on opening, but shares in RBS rose after its latest results beat expectations. Shares in British Airways owner IAG took off after the airline group released its latest results.
A few minutes into trading the FTSE 100 was down 44.30 points, or 0.6%, at 6,942.27. IAG's shares were up more than 5% at 435p, despite the company - which also owns Iberia - reporting a 4% dip in third-quarter profits.
But RBS shares rose 4.2% to 204.60p despite it reporting a third-quarter bottom line loss of £469m. The group said it had been hit by the weak pound, and also by disruption from air traffic control strikes in France.
However, stripping out restructuring costs and provision for litigation, its adjusted quarterly operating profit was £1.3bn, which beat analysts' forecasts. However, the results were in line with expectations, and IAG also raised its interim dividend by 10%.
Another gainer in the FTSE 100 was British Airways owner IAG. Its shares rose 1.5% despite it cutting its forecast for profit growth after being hit by the weak pound and disruption from air traffic control strikes in France. IAG was the top riser in the FTSE 100, with the index recovering from early losses to stand 9.75 points higher at 6,996.32 shortly after midday.
On the currency markets, the pound rose 0.1% against the dollar to $1.2175, but fell 0.1% against the euro to €1.1151. RBS shares made a promising start to the day after the release of its third-quarter results, but then quickly lost support and were down 2.2% at 192p.
The bank reported a third-quarter loss of £469m and confirmed that it would not be able to meet the deadline of selling its Williams & Glyn bank by the end of 2017.
On the currency markets, the pound lost ground after a legal challenge against Brexit was rejected at the High Court in Belfast.
Against the dollar, the pound was down 0.2% for the day at $1.2141, and 0.3% lower against the euro at €1.1126.