FTSE 100 closes firmly higher as weak pound gives it a boost
FTSE 100 closed over 66 points higher at 7,438 with budget carrier easyJet the top flyer
Company
LON:RYA
Ryanair operates a scheduled passenger airline serving routes between Ireland, the United Kingdom, Continental Europe and Morocco. It claims to be Europe's largest airline and is the parent company of Ryanair DAC, Ryanair UK, Buzz and Lauda airlines
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FTSE 100 closed over 66 points higher at 7,438 with budget carrier easyJet the top flyer
“From today, there will be no more rostering related flight cancellations this winter or in summer 2018,” said chief executive Michael O’Leary.
Neil Wilson, senior market analyst at ETX Capital said: “The sell-off this morning is all about mounting concern over rising cost pressures which are likely to hit margins and profits”
Jordan Hiscott, chief trader at ayondo markets pointed out that Ryanair shares have been "recovering slightly, possibly on the hope that the damage has been contained"
The European Commission weighed in on the row today warning the Ireland and UK listed discount airline that it had to comply with EU rules on passenger rights, including possible reimbursement and compensation
Ryanair has no interest in making a bid for struggling German carrier Air Berlin, chief executive Michael O'Leary said.
Only priority boarding customers will be able to take two bags on board from 1 November and the airline has also lowered the fee from checking luggage into the hold
Sports Direct, Barratt Developments, Ryanair and EasyJet were among Wednesday's early market movers.
The FTSE 100 closed lower as one analyst reckoned the market was earlier just supported by short covering.
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Day ahead includes trading updates from retailer Halfords Group PLC and packaging firm DS Smith PLC, plus full-year results from housebuilder Redrow PLC
Yet another European vehicle attack, this time in Barcelona, left 13 people dead and scores injured yesterday afternoon
Ryanair's chief executive Michael O'Leary has stressed the need for an early deal on Brexit in a meeting with transport minister Chris Grayling.
"Yield visibility into H2 is zero and we see no reason at this time to alter our H2 average fare guidance of an 8% decline"
Boosted by a “significant benefit” from Easter, revenues for the three months ended 30 June jumped 16% year-on-year to £1.39bn
Ryanair shares have surged in 2017 but not by as much as the likes of easyJet and IAG
The US investment bank downgraded its stance for FTSE 100-listed IAG – which also owns Iberia, Aer Lingus and Vueling - to ‘neutral‘ from ‘buy'