IAG Struggles but FTSE Gains

Household goods company Reckitt Benckiser helped the FTSE 100 to end the day up by 0.25 percent on Friday, ending slightly lower than the previous week, but above the low point that the index hit on Wednesday.

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shareprices.com - Sunday, October 29, 2017

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Reckitt Benckiser gained 3.09 percent, in what had proved to be a tough week since the trading update. International Consolidated Airlines Group - the holding company of Aer Lingus and British Airways, closed down by 6.94 percent after announcing disappointing revenue growth per available seat, and this hampered the overall gains of the FTSE 100.

The newspaper distributor Connect Group made some gains as senior members of their management purchased shares. A similar scenario played out with Soco International - an oil and gas exploration company.

Berkeley Group ended the day down by 3.45 percent, after bosses sold £50 million worth of shares in the company. Meanwhile, US Economic growth has proven better than expected, which has helped to strengthen the dollar. There are troubles in Europe, however, as Catalonian separatists have voted for independence, and investors are dumping their shares in Catalonian banks.

Brent Crude made some gains, thanks to the news that the OPEC cartel are close to agreeing an extension of their production cuts. This is the first time since 2015 that Brent Crude has rose above $60 a barrel, after a period where over-production flooded the market and pushed oil prices down significantly. There are oil and gas companies in the FTSE 100, which will benefit if the production caps are confirmed.

 

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