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London Market Report London Market Report
(about 4 hours later)
(Open): Rolls-Royce shares fell 2% after the engineering group said its order book would take a £2.6bn hit following the cancellation of an order for 70 Airbus A350s by Emirates. (Noon): Rolls-Royce shares fell 2.4% after the engineering group said its order book would take a £2.6bn hit following the cancellation of an order for 70 Airbus A350s by Emirates.
Shares in airlines also fell, with British Airways owner IAG down 3.9% and Easyjet dropping 2.5%. There was more bad news for the aerospace sector after German airline Lufthansa issued a profit warning.
The benchmark FTSE 100 index was down 17.07 points at 6,856.48. Lufthansa's shares sank nearly 15% in Germany, while in London British Airways owner IAG fell 4%.
Sainsbury's rose 2.4%, despite it reporting a fall in like-for-like sales for the second quarter in a row. The benchmark FTSE 100 index was down 33.95 points at 6,839.50.
Betfair shares edged up 0.3% after the betting exchange reported better-than-expected earnings. The sell-off in the airline sector also hit Flybe, which fell 4.3% despite the carrier reporting its first annual profit for four years.
Flybe reported a pre-tax profit of £8.1m for the year to 31 March, compared with a loss of £41.1m a year earlier.
Shares in Sainsbury's rose 1.9%, despite it reporting a fall in like-for-like sales for the second quarter in a row.
The supermarket said first quarter like-for-like sales excluding petrol dropped 1.1%, but the decline was not as bad as analysts had feared.
Betfair shares rose 1.6% after the betting exchange reported better-than-expected earnings.
Underlying earnings for the year to 30 April rose 24% to £91.1m, and Betfair said it hoped the World Cup would boost trade.Underlying earnings for the year to 30 April rose 24% to £91.1m, and Betfair said it hoped the World Cup would boost trade.
WH Smith shares rose a penny to £10.95. The retailer said group sales in the 14 weeks to 7 June were flat with like-for-like sales down 2%. On the currency markets, the pound rose 0.15% against the dollar to $1.6782 and climbed 0.2% against the euro to 1.2394 euros.
Flybe shares were unchanged despite the airline reporting its first annual profit for four years.
The carrier reported a pre-tax profit of £8.1m for the year to 31 March, compared with a loss of £41.1m a year earlier.
On the currency markets, the pound was flat against the dollar at $1.6760 and rose 0.1% against the euro to 1.2380 euros.