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Ryanair upgrade boosts airline shares Ryanair upgrade boosts airline shares
(about 4 hours later)
(Open): Airline shares were given a boost after Ryanair raised its full-year profit forecast. (Noon): Airline shares were given a boost after Ryanair raised its full-year profit forecast.
Ryanair said full-year profit would now be between €750m and €770m, compared with its previous forecast of €650m.Ryanair said full-year profit would now be between €750m and €770m, compared with its previous forecast of €650m.
Easyjet shares rose 2.6%, while British Airways owner IAG - which also raised its profit forecast last week - climbed 1.25%. Easyjet shares rose 2.4%, while British Airways owner IAG - which raised its profit forecast last week - climbed 0.6%.
Overall, the benchmark FTSE 100 index was little-changed in early trade, up 7.50 points at 6,553.97. However, falling bank and energy shares pulled the FTSE 100 lower, with the index down 27.55 points at 6,518.92.
Markets in general were not showing any major moves, with investors pausing after Friday's strong gains which were triggered by the Bank of Japan's surprise decision to boost its stimulus programme. Shares in HSBC fell 1.7% after the bank reported its third-quarter results, with pre-tax profits up to $4.6bn from $4.5bn a year ago.
Shares in HSBC slipped 0.7% after the bank reported its third-quarter results. The bank has set aside $378m to cover a probe into currency trading. However, the bank set aside $378m (£237m) to cover a probe into currency trading, and has taken another provision of $589m for potential further PPI mis-selling claims.
On the currency markets, the pound was unchanged against the dollar at $1.5999 and up 0.22% against the euro at €1.2799. "Stripping out the regulatory provisions, this is a strong operating quarter for HSBC," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.
"Unfortunately, the provisions cannot be ignored and the ongoing costs of PPI and the forex investigations are also joined by an additional US booking."
In the energy sector, British Gas owner Centrica fell 1.8% while SSE dropped 1.5%.
On the currency markets, the pound edged up 0.04% against the dollar to $1.6002 and rose 0.24% against the euro to €1.2802.
The dollar hit a seven-year high against the yen - climbing above 113 yen - following last week's surprise move by the Bank of Japan to boost its monetary stimulus programme.
The rise in the dollar hit gold and oil prices. Gold was at $1,173 an ounce, near to the lowest price for four years.
Brent crude slipped 40 cents to $85.46 a barrel, while US crude dropped 30 cents to $80.24 a barrel.