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BT shares fall on slow London market FTSE dragged down by BA owner, IAG
(about 5 hours later)
(Noon): Shares in London had moved into negative territory by lunchtime. (Close): Shares in BA owner IAG dragged the FTSE lower on Friday, after the index initially opening higher.
The FTSE 100 was down 28.9 at 6,781.67. The airline group fell nearly 3.5%, despite news that Qatar Airways had built a 10% stake in the firm.
BT shares dampened the mood, they were among the top five biggest fallers, down by 2.2% after its third quarter results release revealed its pension deficit has swollen to £7bn and it is introducing a 16-year recovery plan. Overall, the FTSE 100 closed down 0.9%, or 61 points, at 6,749.4.
BT shares were also lower, down by 2.7%, after its third quarter results revealed its pension deficit had swollen to £7bn and it is introducing a 16-year recovery plan.
Eurozone inflation numbers confirmed a slip for the 19-strong country bloc into deflation, worsening from December's -0.2% to -0.6% in January.Eurozone inflation numbers confirmed a slip for the 19-strong country bloc into deflation, worsening from December's -0.2% to -0.6% in January.
This though was largely thanks to an 8.9% fall in energy costs with less volatile prices showing inflation.This though was largely thanks to an 8.9% fall in energy costs with less volatile prices showing inflation.
Deflation worries investors as it can put people off spending while they wait for further price falls.Deflation worries investors as it can put people off spending while they wait for further price falls.
International Airlines Group fell 0.6%, despite news Qatar Airways is buying a 10% stake in the British Airways owner. Oil prices were slightly higher in the wake of Thursday's news that US stockpiles have hit record levels. Brent crude was trading at $49.25 a barrel, while US crude was up 1.4% at $45.17.
Any hopes there was more to come from that quarter were dashed by the realisation non-EU shareholders cannot mount a full takeover bid for the airline. On the currency markets, the pound slipped 0.21% against the dollar to $1.5034, and was flat against the euro at €1.3311.
Sainsbury was among the biggest losers, down by 2.2%,.
Oil prices were slightly higher in the wake of Thursday's news that US stockpiles have hit record levels. Brent crude was trading at $49.43 a barrel, while US crude was up 0.4% at $44.95.
On the currency markets, the pound nudged up 0.04% against the dollar to $1.5007, and fell 0.16% against the euro to €1.3289.