Airlines Soar On Weaker Oil

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Tuesday, 4th June: Just when Theresa May thought she could pick up her feet and relax, Trump swoops in and suggests she should take back her resignation. On his second day of the state visit, Trump started off at St. James’s Palace for a meeting with business leaders, which was followed up with talks at Downing Street with May. Trump and May spoke confidently about trade deals while protesters held banners plastered with “Dump Trump’s Trade Deal”.

FTSE 100 dropped 0.44% in the opening trade, which was led by Hargreaves Lansdown on the news that it dropped Woodford Equity Income Fund from its Wealth 50 list after suspension of its withdrawals due to liquidity concerns, which also placed Woodford at the bottom of the FTSE 250, around 8.0% lower towards the end of the day.

However, before we could reach 09:00 BST, the blue-chip index had already reversed the opening trade losses and was either flat or higher for the rest of the day, until the second half of the day when it received an extra boost from airlines as the price of Brent crude began to drop, by roughly 1.3% to $60.51. This pushed the blue-chip airlines, easyJet and International Consolidated Airlines Group, to rise 3.6% and 3.4% respectively in the late afternoon.

At the end of the day the index was 0.41% higher at 7214.29 and beginning to gradually reverse losses which occurred last week.

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