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FTSE 100 movers: IAG paces losses after Heathrow caps daily passenger numbers
(Sharecast News) - IAG was among the top fallers on London's top-flight index a day after Heathrow airport capped the number of travellers per day to 100,000 due to staff shortages, forcing the cancellation of 1,000 summer flights. Adding to the selling pressure on the sector, the latest US consumer price data revealed that it had been one of the few sectors to cut prices over the past year, said Josh Mahony, senior market analyst at IG.
"In an environment where businesses are desperately attempting to claw back losses incurred throughout Covid, it seems airlines are having to wage price wars in a bid to encourage customers to return to the skies," he said..
"With elevated fuel costs, lower fares, and declining household disposable income, there is little reason to be bullish airlines as things stand."
Going the other way, precious metals miners Fresnillo and Endeavour Mining caught a bid off of a dip in the US dollar and resulting small gains in gold and silver prices following the release of the June consumer price report.
The annual rate of change in headline consumer price inflation in the US picked up by five tenths of a percentage point in June to reach 9.1% - its fastest clip since 1981 - up from 8.6% in May.
In response, Fed funds futures were left pricing-in roughly even odds of a 100 basis point interest rate hike to short-term official interest rates for when the US central bank met at the end of July.
And yet, the Greenback dipped in response, with the US dollar spot index trading down by 0.32% to 107.73.
Miners Rio Tinto and oil outfits BP and Shell were also a tad higher in an overall down day for the stock market.
Market Movers
FTSE 100 (UKX) 7,165.84 -0.61%
FTSE 100 - Risers
Fresnillo (FRES) 687.60p 4.31% Endeavour Mining (EDV) 1,669.00p 2.46% SEGRO (SGRO) 1,035.00p 1.82% Harbour Energy (HBR) 328.30p 1.26% United Utilities Group (UU.) 1,054.00p 1.20% Severn Trent (SVT) 2,859.00p 1.10% Land Securities Group (LAND) 669.20p 1.03% Diageo (DGE) 3,628.00p 0.85% British Land Company (BLND) 458.10p 0.79% Bunzl (BNZL) 2,907.00p 0.69%
FTSE 100 - Fallers
Abrdn (ABDN) 155.05p -4.47% International Consolidated Airlines Group SA (CDI) (IAG) 106.24p -3.79% Mondi (MNDI) 1,434.00p -3.73% Smith (DS) (SMDS) 277.80p -3.37% Auto Trader Group (AUTO) 570.20p -2.70% Antofagasta (ANTO) 1,034.50p -2.64% GSK (GSK) 1,698.40p -2.54% Ashtead Group (AHT) 3,723.00p -2.10% Prudential (PRU) 988.00p -2.08% Ocado Group (OCDO) 814.80p -2.02%
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