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London's FTSE 100 propped up by oil strength, Ryanair slides

Published 20/05/2019, 08:54
London's FTSE 100 propped up by oil strength, Ryanair slides
UK100
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BP
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EZJ
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SHEL
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0RYA
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FTMC
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ICAG
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WIZZ
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MERL
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Oil stocks biggest support to main index
* Ryanair slumps after poor results
* Blue-chips IAG, easyJet also fall

May 20 (Reuters) - Britain's main share index found support
from oil majors on Monday after a signal from OPEC on sticking
to production cuts, while weak results from Ryanair triggered a
sell-off in airlines across the board.
The FTSE 100 .FTSE was flat by 0750 GMT, while the midcap
index .FTMC was fractionally lower.
Providing the biggest boost to the blue-chip index were
Shell RDSa.L and BP BP.L as oil prices touched multi-week
highs after OPEC indicated it would probably maintain production
cuts that have helped support prices this year. O/R
Ryanair's London-listed stock RYA.L fell 6% to a
four-month low after the low-cost airline reported its weakest
annual profit in four years amid struggles with overcapacity,
Brexit and delays in delivery of the Boeing 737 Max.
The poor reading dragged down British Airways owner IAG
ICAG.L , easyJet EZJ.L and Wizz Air WIZZ.L .
Among midcaps, a stand-out faller was Madame Tussauds-owner
Merlin Entertainments MERL.L which slipped 5.2% and was on
course for its biggest one-day fall in two months after a double
downgrade by HSBC. Small-cap Low & Bonar LWB.L tumbled 26% to a record low
after the polymer products maker announced CEO departure and cut
full-year targets due to a hit to sales from the U.S.-China
trade war.

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