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Easyjet leads rebound in FTSE | Easyjet leads rebound in FTSE |
(about 3 hours later) | |
(Noon): A strong trading update from no-frills airline Easyjet helped the FTSE to regain some of the ground lost on Thursday. | |
Having slumped 1.7% in the previous session, the FTSE 100 index was up 53.42 points, or 0.8%, at 6,499.81. | |
Easyjet shares led the index higher, climbing 6.4% after the carrier raised its forecast for full-year profits. | |
It now expects full-year profit to be between £575m and £580m, up from previous guidance of £545m to £570m. | |
Easyjet also said it had gained passengers affected by the pilots' strike at Air France last month, with revenues boosted by about £5m. | |
Tesco shares dropped 3.5% following rumours on the FT's website that the supermarket giant might be considering a £3bn rights issue. | |
In the FTSE 250, shares in engineering firm Renishaw jumped by 8.4% after it reported a 28% rise in first quarter revenues and said the second quarter was expected to see similar growth. | |
UK bank Aldermore announced the price range for its shares when its lists on the stock market later this month. | UK bank Aldermore announced the price range for its shares when its lists on the stock market later this month. |
It has set the price range at between 217 and 265 pence a share, giving the business a valuation of about £800m. | It has set the price range at between 217 and 265 pence a share, giving the business a valuation of about £800m. |
However, house builder and property firm Miller Group has abandoned its plans to float its housing business on the market. | However, house builder and property firm Miller Group has abandoned its plans to float its housing business on the market. |
In a statement it blamed "the recent financial markets volatility" for the decision. | In a statement it blamed "the recent financial markets volatility" for the decision. |
On the foreign exchanges, the pound weakened after the latest PMI reading for the services sector showed the rate of growth slowing. | |
The pound slipped 0.05% against the euro to 1.2738 euros, having fallen further earlier, and dropped 0.42% against the dollar to $1.6077. | |
The dollar also rose against other currencies on expectations of a strong set of US employment figures, which are due later. |