LONDON MARKETS: British Stocks Advance, As BP, IAG Climb
October 07 2019 - 9:21AM
Dow Jones News
By Steve Goldstein, MarketWatch
U.K. stocks lumbered higher on Monday, catching up to the
stellar gains made on Wall Street in the previous session.
The FTSE 100 gained 0.35% to 7180.30 as market heavyweights
including BP (BP.LN) , Vodafone Group (VOD.LN) and Royal Dutch
Shell (RDSA.LN) moved higher.
The Dow industrials surged on Friday after solid jobs data,
though it coughed back part of those gains on Monday on concerns
over U.S.-China trade talks.
British Airways owner International Consolidated Airlines Group
(IAG.LN) rose 3% as the company said September passenger traffic
was up 0.6% on the year, and that its load factor rose 0.7
percentage points.
Outside the FTSE 100, SIG (SHI.LN) tumbled 16% as the building
materials company said a downturn in U.K. and German economies
means its fiscal year underlying profitability will be
"significantly worse" than previous expectations. SIG also
announced plans to sell its air handling and building solutions
divisions.
"While the challenging market backdrop does not come as a total
surprise, the extent of the deterioration does and the impact that
it will have on our forecasts," said Robert Eason, an analyst at
Goodbody Stockbrokers. SIG did say the disposals will "transform"
the balance sheet.
(END) Dow Jones Newswires
October 07, 2019 10:06 ET (14:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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