FTSE 100 Lifted by IAG

on

Monday, October 7: The FTSE 100 opened in the green, lifted by a variety of stocks across sectors despite uncertainty continuing to pervade both global politics and economics.

IAG(+3.08%) climbed 3.06% as the travel group announced growing traffic numbers, despite a fall in passenger numbers for British Airways due to strikes. The Airline giant carried 10.639m people in the month, which represented growth of 4.9% over September 2018.

SIG(-15.48%) was the largest faller on the FTSE 250 as it issued a profit warning attributed to a drastic softening of end markets in recent weeks. September and October are said to account for c.30% of profit, and therefore the weakening in end markets looks to be significant in the context of annual performance. The Group are taking action to address persisting market weakness by way of business transformation initiatives. Balance sheet strength will be bolstered following the disposal of non-core Air Handling and Building Solutions business units.

Howden Joinery(-3.06%) also fell on weak end markets following on a read across from the struggles noted in SIG’s RNS.

European equities were higher at the close, with the FTSE 100 +0.59%, the CAC 40 +0.61% and the DAX 30 +0.70%.

Leave a Reply