FTSE 100 is flying after top airlines take off

A sea of green has washed over global stock markets in a calmer day of trading, while the FTSE 100 took off thanks to gains for top airlines.

The FTSE moved 29.06 points higher, or 0.37%, to close at 7,877.05.

It was given a lift by IAG Group, the owner of British Airways and airlines Iberia and Aer Lingus, which saw its share price soar by more than 5%.

EasyJet was following close behind with its share price moving higher after revealing it was on track to cut its losses by more than £50 million, helped by Easter being celebrated earlier in the year.

Mark Crouch, analyst at investment platform eToro, said: “The FTSE 100 traded close to 7,900 in early trading yesterday, but had given up much of its earlier gains by the afternoon.

“EasyJet’s gains came after it issued a halfyear trading update, which revealed the company has reduced winter losses by more than £50m.

“The update echoes a number of bullish reports from US air carriers. United, Delta and Alaska Airlines have all forecast in recent days that demand will be strong for air travel in 2024, despite inflation pinching at the pockets of consumers and ongoing safety worries concerning certain Boeing aircraft.”

Elsewhere for top European stock markets, Germany’s Dax moved 0.45% higher and France’s Cac 40 was up by 0.52%. Over in the US, the S&P 500 was up about 0.4% and the Dow Jones was up 0.6% by the time European markets closed.

The pound was relatively flat against the US dollar at 1.246, and up about 0.15% against the euro at 1.169.

The price of Brent crude oil was down by 0.25% to 87 US dollars per barrel.