The FTSE 100 gains 0.6% to 7,246.96 despite the US increasing tariffs on Chinese goods – with mining stocks helping to support the index. The relatively relaxed response reflecting a strong showing from Asian shares.
The moderate response could be because the news was widely expected and because tariffs will not be charged on Chinese goods which have already shipped, providing a possible window for a resolution of the trade dispute.
British Airways-owner International Consolidated Airlines (IAG) says first-quarter profit more than halved as passenger unit revenue slid amid a rise in fuel prices, Air Traffic Control disruption and foreign exchange headwinds.
The company also forecasts flat passenger unit revenue for the year, a downgrade from guidance in February for an improvement in passenger unit revenue. However, investors marked the shares 2.9% higher as the result was seen as creditable in light of the challenges facing the industry.
The company also sees revenue dip 4% at constant currency and revenue per available room, a key industry metric, drop 0.9%.
The weak performance is attributed to refurbishment affecting major hotels in two of the group's key gateway cities - London and Singapore. The shares ticks up 0.5%, paring losses seen early on.
Aviation services outfit BBA Aviation (BBA) gains 2.3% as it reaffirms its full-year guidance as revenue advances by more than a fifth in the first four months of the year, underpinned by acquisitions.
‘Smarter’ plastics specialist Symphony Environmental Technologies (SYM:AIM) soars 60.7% as it reports the European Commission had instructed the European Chemicals Agency to close oxo-degradable plastics restriction process.
This commenced in December 2017 because the Commission thought the plastics created harmful microplastics and could have covered Symphony’s d2w plastics solution.
As this constitutes a reverse takeover under AIM rules the shares have been suspended pending the publication of an admission document, expected in June 2019.