FTSE 100 rallies but EasyJet shares slip

Trader watching monitorImage copyright

The UK market opened higher but shares in EasyJet fell more than 5% despite the airline raising its estimate for full-year profits.

The carrier said it now expected to report profits of between £380m and £420m, although that is still below last year’s figure of £495m.

Analysts at Liberum said the update was “good news, but not good enough”.

EasyJet was the biggest faller on the FTSE 100, although the index was up 34.20 points at 7,465.11.

In the FTSE 250 index, Sports Direct shares were up more than 6%, despite the retailer reporting a near-60% fall in full-year profits.

However, the company said it was optimistic about its outlook, and added that its new format stores, which are an attempt to go more upmarket, were trading well.

Shares in Moneysupermarket sank 9% after the price comparison website said its full-year operating profit was set to come in at the lower end of expectations.

The company said fewer people had been switching between energy providers because of a lack of “blockbuster” deals from providers.

On the currency markets, the pound fell 0.1% against the dollar to $1.3007 and was 0.15% lower against the euro at 1.1293 euros.

Source link