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Easyjet leads rebound in FTSE Easyjet leads rebound in FTSE
(about 3 hours later)
(Open): Shares in London regained some of the ground lost on Thursday when the FTSE 100 slumped by 1.7%. (Noon): A strong trading update from no-frills airline Easyjet helped the FTSE to regain some of the ground lost on Thursday.
The market, along with stocks across Europe, had been hit by disappointment over the latest stimulus moves from the European Central Bank. Having slumped 1.7% in the previous session, the FTSE 100 index was up 53.42 points, or 0.8%, at 6,499.81.
But in early trade on Friday, the FTSE 100 index rose 38.82 points, or 0.6%, to 6,485.21. Easyjet shares led the index higher, climbing 6.4% after the carrier raised its forecast for full-year profits.
Easyjet shares led the index higher, climbing 5.5% after it 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.
The airline now expects pre-tax profit for the year to 30 September 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.
It also said it 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 9.4% after it reported a 28% rise in first quarter revenues and said the second quarter was expected to see similar growth. 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 currency markets, the pound fell 0.28% against the dollar to $1.6099 and slipped 0.08% against the euro to 1.2734 euros. On the foreign exchanges, the pound weakened after the latest PMI reading for the services sector showed the rate of growth slowing.
The dollar has been strengthening against other currencies on expectations of a strong set of US payrolls figures, which are due later. 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.
Oil prices rebounded slightly after hitting two-year lows on Thursday. Brent crude for November delivery rose 33 cents to $93.75 a barrel, while US crude climbed 48 cents to $91.49. The dollar also rose against other currencies on expectations of a strong set of US employment figures, which are due later.