FTSE 100 movers: IAG flies higher after Q3 numbers

London’s FTSE 100 was up 0.1% to 6,994.38 in afternoon trade.

British Airways and Iberia parent International Consolidated Airlines Group flew higher on Friday as it reported a 3.6% drop in third-operating profit before exceptional items to €1.2bn, which was a touch above analysts’ expectations.

The company said the net foreign exchange operating profit impact for the quarter was an adverse €162m, while passenger unit revenue was down 13.7% and at constant currency down 5.9%.

In terms of the outlook, IAG said that at current fuel prices and exchange rates, it expects its operating profit for 2016 to be around €2.5bn and has seen no significant change in its short-term trading conditions.

Housebuilders Barratt Developments, Taylor Wimpey and Persimmon all gained, with traders pointing to a media report that privately-owned housebuilder Cala Group has been approached about a takeover by a mystery Chinese bidder ahead of a government push to deliver one million new homes by 2020.

According to Sky News, Cala is in early-stage talks with the potential buyer, which is understood not to be Vanke Group, the country's biggest residential developer.

Risers

International Consolidated Airlines Group SA (CDI) (IAG) 440.20p 6.46%
Whitbread (WTB) 3,651.00p 3.40%
Barratt Developments (BDEV) 453.50p 3.33%
Taylor Wimpey (TW.) 142.80p 2.81%
Next (NXT) 4,934.00p 2.66%
Pearson (PSON) 762.50p 2.62%
Persimmon (PSN) 1,712.00p 2.45%
easyJet (EZJ) 943.50p 2.44%
Sainsbury (J) (SBRY) 249.70p 2.34%
Carnival (CCL) 3,833.00p 2.16%

Fallers

DCC (DCC) 6,550.00p -1.80%
Intu Properties (INTU) 276.70p -1.67%
Dixons Carphone (DC.) 310.40p -1.62%
Anglo American (AAL) 1,086.00p -1.45%
Fresnillo (FRES) 1,592.00p -1.36%
Randgold Resources Ltd. (RRS) 6,910.00p -1.36%
BP (BP.) 487.05p -1.31%
Rolls-Royce Holdings (RR.) 731.50p -1.22%
HSBC Holdings (HSBA) 620.30p -1.15%
Admiral Group (ADM) 1,903.00p -1.14%