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FTSE 100 higher as EasyJet shares take off | |
(about 4 hours later) | |
Shares in EasyJet took off on Tuesday as the airline said it was benefitting from other carriers' woes. | |
It said revenues at the start of its new financial year had been "encouraging", helped by the demise of some rival operators. | |
Monarch, Air Berlin and Alitalia have all gone into administration this year. | Monarch, Air Berlin and Alitalia have all gone into administration this year. |
Its positive comments overshadowed news of a 17% fall in full-year profits to £408m, after what EasyJet called a "difficult year". | |
EasyJet shares rose 5.9%. leading the FTSE 100 higher, with the share index up 26.33 points at 7,415.79 by early afternoon. | |
Babcock was the biggest faller in the FTSE 100, down 3.9%, after it warned that reviews of UK defence spending could hit its revenue growth. | |
In the FTSE 250, shares in temporary power provider Aggreko sank 9% as its third quarter trading update disappointed investors. | |
Problems relating to pricing in Argentina led to revenues at the firm's power solutions utility division - which operates mobile power plants - dropping 15%. | Problems relating to pricing in Argentina led to revenues at the firm's power solutions utility division - which operates mobile power plants - dropping 15%. |
On the currency markets, the pound edged up 0.05% against the dollar to $1.3241 and was 0.2% higher against the euro at €1.1297. |