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(Noon): A profit warning from Air France-KLM hit shares in other airlines and pulled the market lower. | |
Air France-KLM said its profits this year could be up to 12% lower than previously estimated, mainly due to overcapacity on routes. | |
Shares in Air France KLM fell more than 5% on the news, and in London shares in British Airways owner IAG were down 4.4% while Easyjet shares fell 2.8%. | |
The benchmark FTSE 100 index was down 32.94 points at 6,790.57. | |
Marks and Spencer shares slipped 0.4% after the retailer's latest trading update. | |
M&S reported another fall in underlying general merchandise sales, with trading hit by problems at its new website. | M&S reported another fall in underlying general merchandise sales, with trading hit by problems at its new website. |
Shares in housebuilders came under pressure, despite a strong trading update from Bovis Homes. | Shares in housebuilders came under pressure, despite a strong trading update from Bovis Homes. |
Bovis said it expected a "material" increase in first-half profits after it achieved 1,487 legal completions in the period, a record number and up 54% from a year earlier. | Bovis said it expected a "material" increase in first-half profits after it achieved 1,487 legal completions in the period, a record number and up 54% from a year earlier. |
However, shares in Bovis fell 1.5%, and elsewhere in the sector Barratt Developments dropped 1.2% and Persimmon was down nearly 2%. | |
On the currency markets, the pound gave up early gains after weaker-than-expected manufacturing figures for May lowered expectations of a rate rise before the end of the year. | |
Against the dollar the pound fell 0.1% to $1.7115 while it was flat against the euro at 1.2592 euros. |