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Airline shares up on tax change Airline shares up on tax change
(about 3 hours later)
(14.00): Airline shares have risen in reaction to changes to air passenger duty announced in the chancellor's Autumn Statement. (Close): Airline shares have risen in reaction to changes to air passenger duty announced in the chancellor's Autumn Statement.
George Osborne said he would abolish the tax for children flying abroad under 12. The charge is between £13 and £194, depending on the cabin class and distance travelled.George Osborne said he would abolish the tax for children flying abroad under 12. The charge is between £13 and £194, depending on the cabin class and distance travelled.
Easyjet and BA owner IAG are up 2%. Easyjet closed 2.5% higher, while BA owner IAG added 1.3%.
The FTSE 100 remains lower, down 18.52 points at 6,723.58, with Royal Mail shares failing a further 2.4%. But the FTSE 100 closed lower, down 25.47 points at 6,716.63.
Royal Mail shares had fallen more than 2% on Tuesday after regulator Ofcom dismissed its claims that the universal postal service was under threat. Royal Mail shares lost a further 1.85%, having fallen more than 2% on Tuesday after regulator Ofcom dismissed its claims that the universal postal service was under threat.
Shares in Sage rose 5% after the computer software firm reported a 5% rise in revenues. Shares in Sage rose 4.7% after the computer software firm reported a 5% rise in revenues.
Oil and gas shares rallied initially in the first few minutes of trade before falling back.Oil and gas shares rallied initially in the first few minutes of trade before falling back.
The price of Brent crude - which hit a five-year low on Monday - was down 16 cents at $70.38 a barrel, having traded as high as $71.46 earlier in the session. The price of Brent crude - which hit a five-year low on Monday - was up nine cents at $70.63 a barrel, having traded as high as $71.46 earlier in the session.
At the end of the morning, Royal Dutch Shell "A" and "B" shares were the biggest losers, both down 2%. Royal Dutch Shell "A" and "B" shares both ended the day down 1.4%.
On the currency markets, the pound rose 0.19% against the dollar to $1.5668 and climbed 0.67% against the euro to €1.2713. On the currency markets, the pound rose 0.44% against the dollar to $1.5707 and climbed 1% against the euro to €1.2757.