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Travel shares give FTSE support Tui shares boosted as profits rise
(about 5 hours later)
(Open): The FTSE opened little-changed, but shares in travel firms rose after a string of positive company news. (Afternoon): Shares in travel firms were higher after a string of positive company news from the sector, but energy shares fell as Brent crude dropped back below $70 a barrel.
In early trade the FTSE 100 was down just 3.34 points at 6,713.29. In early afternoon trade the FTSE 100 was down 24.74 points at 6,691.89.
Tui Travel shares rose nearly 3% after the travel firm reported a rise in full-year pre-tax profits to £475m. Tui Travel shares rose nearly 3.8% after the travel firm reported a rise in full-year pre-tax profits to £475m.
Easyjet climbed 2.7% after it reported a rise in passenger numbers last month. It was also boosted by news from rival Ryanair, which increased its full-year profit forecast. Easyjet climbed 1.8% after it reported a rise in passenger numbers, and rival Ryanair lifted its profit forecast.
Ryanair said it now expected profits of between €810m and €830m, compared with an earlier forecast of €750m-€770m. Ryanair said it now expected full-year profits of between €810m and €830m, compared with an earlier forecast of €750m-€770m.
Shares in Sky were up 1% after the broadcaster said it had sold a majority stake in Sky Bet, valuing the betting business at £800m. Oil and gas-related stocks came under pressure as the price of Brent crude fell below the $70-a-barrel mark. Brent was trading at $69.65 a barrel, while US crude was at $67.10. Tullow Oil and BP were both down 2.3%.
Shares in Sky were flat after the broadcaster said it had sold a majority stake in Sky Bet, valuing the betting business at £800m.
On the currency markets, the pound slipped 0.06% against the dollar to $1.5676 and fell 0.13% against the euro to €1.2724.On the currency markets, the pound slipped 0.06% against the dollar to $1.5676 and fell 0.13% against the euro to €1.2724.