Quantcast

Oil majors keep FTSE 100 afloat, turbulence hits Ryanair


Shutterstock photo

UPDATE 1-Oil majors keep FTSE 100 afloat, turbulence hits Ryanair


* FTSE 100 about flat; FTSE 250 down 0.2%

* Oil stocks biggest support to main index

* Ryanair slumps after poor results

* Blue-chips IAG, easyJet also fall (Adds company news items, graphic, analyst comment; updatesshare moves)

May 20 (Reuters) - Britain's main share index found supportfrom oil majors on Monday after a signal from OPEC on stickingto production cuts, while weak results from Ryanair triggered asell-off in airlines across the board.

The FTSE 100 .FTSE was slightly higher by 0830 GMT, whilethe mid-cap index .FTMC was 0.2% lower.

Providing the biggest boost to the blue-chip index wereShell RDSa.L and BP BP.L as oil prices touched multi-weekhighs after OPEC indicated it would probably maintain productioncuts that have helped support prices this year. O/R

Ryanair'sLondon-listed stock RYA.L fell 6% to afour-month low after the low-cost airline reported its weakestannual profit in four years amid struggles with overcapacity,Brexit and delays in delivery of the Boeing 737 MAX. urn:newsml:reuters.com:*:nS8N20900G

The poor reading dragged down British Airways-owner IAG ICAG.L , easyJet EZJ.L and Wizz AirWIZZ.L .

"Increased passenger numbers are boosting headline revenues,and optional extras like paninis and hold baggage are sellinglike hotcakes, but that hasn't been enough to offset the effectof declining ticket prices on profitability," HargreavesLansdown analyst Laith Khalaf said.

Utilities National GridNG.L and CentricaCNA.L wereamong top gainers after being hammered last week when theopposition Labour Party announced plans to take energy networksback into state ownership if elected.

However, concerns about the possible escalation of theU.S.-China trade conflict hung in the air after GoogleGOOGL.O suspended some business with Huawei.

Among midcaps, a stand-out faller was Madame Tussauds-ownerMerlin Entertainments MERL.L which slipped 5.2% and was oncourse for its biggest one-day fall in two months after a doubledowngrade by HSBC. urn:newsml:reuters.com:*:nL4N22W1NH

Small-cap Low & BonarLWB.L tumbled 26% to a record low after the polymer products maker announced CEO departure and cutfull-year targets due to a hit to sales from the U.S.-Chinatrade war. urn:newsml:reuters.com:*:nL4N22W1M0

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Ryanair lags rivals and the wider index   https://tmsnrt.rs/2WTJDr5
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Muvija M and Shashwat Awasthi in BengaluruEditing by Keith Weir) ((Muvija.M@thomsonreuters.com; within U.S. +1 646 223 8780,outside U.S. +91 80 6749 3638; Reuters Messaging:muvija.m.thomsonreuters.com@reuters.net))

(( For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L

* For related news, click on - * UK hot stocks: [HOT and GB] Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EUTokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/

* For company prices, click on - * Company directory: UKEQ By sector: FTAX

* For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR ))






This article appears in: Stocks , Economy , World Markets



More from Reuters

Subscribe







See Reuters News













Research Brokers before you trade

Want to trade FX?