FTSE 100 shows certainty

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Economy
Written by Gary Howes   
Friday, 03 July 2009

British Airways surges on passenger number results, Lloyds Banking and Barclays also in good gains.

 

The FTSE 100 is 0.51% up at 4,256.06 at 2:43pm.

British Airways (LON:BAY) is 5.29% up after news on passenger traffic broke in the last hour.

Passenger capacity, measured in Available Seat Kilometres, was 1.7 per cent below June 2008. Traffic, measured in Revenue Passenger Kilometres, fell by 3.8 per cent. Tfe FTSE 100 is up 22 at 4,256.

However it was the announcement that the struggling airline intends to cut spending by 20 percent lifted the shares.

Barclays (LON:BARC), HSBA and Lloyds Banking (LON:LLOY) lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted.

Lloyds Banking Group is up 2.20% and Barclays is up 2.80%. Barclays gains are particularly impressive considering the bank opened proceedings by almost a similar figure in the red.

An exception to the general strength of insurers is Friends Provident, which sees its share price adjusted downwards to take account of the demerger of its 52% stake in F&C Asset Management.

Media stocks get a lift from Credit Suisse, which has upgraded the European media sector to “overweight”. Publishers Reed Elsevier and Pearson plus pay-TV provider BSkyB all head higher. 

 
 
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