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Ryanair upgrade boosts airline shares, but FTSE falls | |
(6 months later) | |
(Close): Airline shares were boosted after Ryanair raised its profit forecast, but the lift did not prevent the FTSE 100 from closing 0.9% lower. | (Close): Airline shares were boosted after Ryanair raised its profit forecast, but the lift did not prevent the FTSE 100 from closing 0.9% lower. |
Ryanair said full-year profit would now be between €750m and €770m, compared with its previous forecast of €650m, and its shares rose 7.3%. | Ryanair said full-year profit would now be between €750m and €770m, compared with its previous forecast of €650m, and its shares rose 7.3%. |
Easyjet shares rose 2.7%, while British Airways owner IAG climbed 1.3%. | Easyjet shares rose 2.7%, while British Airways owner IAG climbed 1.3%. |
However, bank and energy shares pulled the FTSE 100 lower, and the index closed down 58.50 points at 6487.97. | However, bank and energy shares pulled the FTSE 100 lower, and the index closed down 58.50 points at 6487.97. |
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 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. |
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. | 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. |
"Stripping out the regulatory provisions, this is a strong operating quarter for HSBC," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers. | "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." | "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 2.3% while SSE dropped 2%. | In the energy sector, British Gas owner Centrica fell 2.3% while SSE dropped 2%. |
On the currency markets, the pound fell 0.1% against the dollar to $1.5979 but rose 0.24% against the euro to €1.2802. | On the currency markets, the pound fell 0.1% against the dollar to $1.5979 but rose 0.24% against the euro to €1.2802. |