Oct 27, 2017

FTSE 100 up but IAG shares slide

The London market opened higher but shares in British Airways owner IAG dropped more than 3%, despite the airline group reporting higher profits. IAG said third-quarter operating profit before exceptional items rose 20.7% to €1.46bn. Chief executive Willie Walsh said IAG's performance had been "Good despite underlying disruption from severe weather and terrorism". IAG confirmed it had taken a €65m hit following the power failure in May. That failure led to severe disruption at British Airways during the May bank holiday weekend. Despite IAG's share fall, the FTSE 100 index was up 20.82 points at 7,507.32 in early trade. RBS was the biggest riser in the index, rising 2.8% after it reported profits of £392m profits for the third quarter of the year.

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