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FTSE 100 up but IAG shares slide

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The London market was trading higher but shares in British Airways owner IAG dropped nearly 5%, despite the airline group reporting higher profits.

IAG said third-quarter operating profit before exceptional items rose 20.7% to €1.46bn (£1.3bn).

However, the key measure of revenue growth per available seat slowed to 0.7% in the quarter from 1.5% in the previous three months.

Despite IAG’s fall, the FTSE 100 was up 20.89 points at 7,507.39 by midday.

Royal Bank of Scotland was helping to lift the index. The bank’s shares were up 1.6% after it reported profits of £392m profits for the third quarter of the year.

In the FTSE 250, shares in Tullow Oil dropped 5.7% after the company said it had plugged and abandoned its Araku-1 exploration well in offshore Suriname.

On the currency markets, the pound was down 0.5% against the dollar at $1.3094, and 0.2% lower against the euro at €1.1269.


Source: BBC