Britain's FTSE rides to 2 month high on oil strength; Ryanair slumps

  • Reuters
  • Stock Market News
Britain's FTSE rides to 2 month high on oil strength; Ryanair slumps
Credit: © Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100 up 0.3 pct

* FTSE 250 up 0.3 pct

* Ryanair weak after Q3 report, drags easyJet (LON: EZJ ) with it

* Ferrexpo worst mid-cap faller

Feb 4 (Reuters) - London's blue-chip stocks on Monday rose to their highest in more than two months as gains in oil stocks and consumer staples offset deep losses in miners, while airline Ryanair slumped after a disappointing quarterly report.

The FTSE 100 index .FTSE was up 0.3 percent at its highest since Dec. 4 at 0910 GMT, extending a five-day winning streak after U.S. Fed's cautious stance last week and consensus-busting U.S. jobs data boosted confidence, and the mid-caps .FTMC were up 0.3 percent.

Elsewhere, Asian shares hovered near four-month highs after a mixed performance on Wall Street at the close of last week and the dollar firmed against the yen following upbeat U.S. employment and manufacturing data.

But trading was muted with Chinese markets closed for the Lunar New Year.

Oil majors BP BP.L and Shell RDSa.L were the top support to the main index with crude prices hitting their highest so far this year on OPEC-led supply cuts and U.S. sanctions against Venezuela's petroleum industry. such as miners and banks, led the falls while consumer staples and healthcare stocks such as Unilever ULVR.L and GlaxoSmithKline GSK.L , considered safe havens in times of economic and geopolitical stress, were in favour.

Those companies, which make their income abroad, were also aided by the weaker sterling.

Miners .FTNMX1770 dipped 1 percent and were on course for their worst one-day fall in ten days as copper prices were marred by concerns over slowing factory activity in the world's biggest industrial metals consumer China.

London-listed shares in Ryanair RYA.L slumped 4 percent after Europe's biggest budget airline blamed falling fares for its quarterly loss and warned that overcapacity was likely to continue to pressure prices. report dragged rival easyJet down 2.9 percent to the bottom of the FTSE 100.

On the midcaps, iron ore pellet producer Ferrexpo FXPO.L slid 7 percent after it said its auditors received bank statements from a charity, which was set up mainly to coordinate its corporate social responsibility programme, that contained "as yet unexplained discrepancies".

Ferrexpo was the worst mid-cap faller in early deals and the losses placed it on track for steepest one-day declines since last July.

The Brexit process has slipped into limbo while investors await to see the outcome of British Prime Minister Theresa May's meetings with European Union counterparts this week.

Highlighting worries about the country's exit from the bloc, carmaker Nissan cancelled plans to build its new X-Trail SUV in Britain and said it would produce it solely in Japan, warning that the uncertainty over Britain's departure was making it harder to plan for the future. survey by accountants Deloitte found that major British businesses' appetite to take on financial risk has fallen to its lowest level in nearly a decade due to fears of "the hardest of Brexits" and rising U.S. protectionism. single stock moves, supermarket chain Morrisons MRW.L advanced nearly 2 percent to the top FTSE 100 gainer after Citigroup (NYSE: C ) raised the rating to "neutral".

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or