LONDON MARKETS: FTSE 100 Finishes With Losses As Airline Stocks Descend
July 24 2017 - 12:29PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Pound hovers around $1.30; Reckitt Benckiser among the day's
decliners
Blue-chip stocks in the U.K. fell Monday, with airlines pulled
lower after a warning from Ryanair, and as Reckitt Benckiser Group
PLC's latest update also weighed.
The FTSE 100 index dropped 1% to end at 7,377.73, giving up all
of last week's gain. The benchmark on Friday lost 0.5%
(http://www.marketwatch.com/story/ftse-100-edges-up-reaches-for-a-weekly-win-2017-07-21),
but notched a weekly advance of 1%, its best such showing late May,
according to FactSet data.
Shares in easyJet PLC (EZJ.LN) and International Consolidated
Airlines Group SA (IAG.LN), which runs British Airways, fell 2.8%
and 0.8%, respectively. The moves came after Ireland-based budget
carrier Ryanair Holdings PLC (RYAAY) warned about pressure on fares
because of overcapacity.
(http://www.marketwatch.com/story/ryanair-profit-soars-55-warns-on-overcapacity-2017-07-24)
Ryanair stuck to its outlook that ticket prices in the first
half, including the key July-September travel period, could fall on
average 5%, and decline by 8% in the October-March period. Off the
FTSE 100, shares of Ryanair stumbled 1.1%.
Other movers: Meanwhile, Reckitt Benckiser Group PLC (RB.LN)
fell 3.3% for the FTSE 100's biggest drop. The consumer products
heavyweight said like-for-like sales fell 2% during the second
quarter
(http://www.marketwatch.com/story/reckitt-benckiser-profit-rises-on-reduced-costs-2017-07-24),
hurt by a recent cyberattack that affected its operations and those
of numerous companies.
The pound bought $1.3024, up modestly from $1.2997 late Friday
in New York.
Oil and OPEC: Monday's session got under way with the oil and
gas group being dragged lower by a decline in crude prices, but oil
futures recently were higher
(http://www.marketwatch.com/story/oil-prices-steady-with-all-eyes-on-opec-meeting-2017-07-24).
Energy major Royal Dutch Shell PLC (RDSB.LN) still closed down 1%,
and rival BP PLC (BP.LN) gave up 1.5%.
The rally for crude prices followed news that Saudi Arabia--at a
key meeting of oil producers--pledged lower exports, while Nigeria
plans to limit its production.
(END) Dow Jones Newswires
July 24, 2017 12:14 ET (16:14 GMT)
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