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Version 0 Version 1
London Market Report London Market Report
(about 3 hours later)
(Open): Airline shares pulled the market lower after Air France KLM issued a profit warning. (Noon): A profit warning from Air France-KLM hit shares in other airlines and pulled the market lower.
The airline said its profits this year could be up to 12% lower than previously estimated, mainly due to overcapacity on routes. 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 3.5% while Easyjet shares fell 2.3%. 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 12.76 points at 6,810.75. The benchmark FTSE 100 index was down 32.94 points at 6,790.57.
Marks and Spencer shares were up 0.7% after the retailer's latest trading update. 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 2.9%, and elsewhere in the sector Barratt Developments dropped 1.75% and Persimmon was down 1.3%. 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 rose 0.1% against the dollar to $1.7138 and was 0.2% higher against the euro at 1.2609 euros. 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.