easyJet Share News (EZJ)

LONDON (Alliance News) - London stock investors returned from the long Easter holiday in a cheerful mood, with the FTSE 100 index outperforming European peers as oil hit its best price so far this year after the US tightened sanctions on Iranian exports. The FTSE 100 was up 20.96 points, or 0.3%, at 7,480.84 on Tuesday at midday. The FTSE 250 index was up just 1.73 points at 19,837.66, while the AIM All-Share was up 0.3% at 957.58.The Cboe UK 100 index was up 0.3% at 12,694.18. The Cboe UK 250 was flat at 17,758.16, and the Cboe UK Small Companies was up 0.1% at 11,463.51.In European equities, the CAC 40 in Paris and the DAX 30 in Frankfurt both were down 0.2% at midday.In the US, stocks are pointed to a lower start on Tuesday with the Dow Jones, S&P 500 and Nasdaq all called down 0.1%. "It's been a slow start to the trading week following the long bank holiday weekend, with European markets once again mixed and US futures offering little of more interest," said Craig Erlam at Oanda. "In the UK we've been granted a short break from Brexit - to everyone's relief - which means news flow is light. The economic calendar is also a little bare, with a couple of central bank meetings - BoJ and BoC - and US GDP this week the only standout events," said Erlam.Brexit newsflow will likely start to pick up again in the coming days as members of Parliament return to Westminster following the Easter break.UK Prime Minister Theresa May convened her Cabinet, while cross-party talks between the government and the Labour Party will resume in a fresh bid to break the Brexit impasse.Ministerial discussions are expected in the afternoon, with May's de facto deputy David Lidington, Brexit Secretary Steve Barclay and chief whip Julian Smith representing the government.To come in the economic calendar on Tuesday is the Redbook index at 1355 BST and US new home sales at 1500 BST. Given the data-light day, Erlam said: "It's perhaps no surprise then that people have become far more interested in the oil markets, one of the few areas where we are seeing some activity as Iranian oil wavers near expiry."London's oil majors were driving the FTSE 100's gains on Tuesday after the US firmed its stance towards Iranian oil exports. The US has decided not to extend waivers offered to eight countries which allowed them to buy oil from Iran despite US sanctions that went into effect in November.The move is "intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," according to the White House.China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey were granted a six-month waiver in November allowing them to continue importing Iranian oil. Monday's announcement means that period will not be extended beyond its May 2 expiration.Tehran has repeatedly threatened to withdraw from the 2015 nuclear agreement if US sanctions aimed at Iranian oil exports are tightened.Brent traded at USD74.42 a barrel at midday after hitting USD74.68 earlier in Tuesday's session, the best price since the beginning of November. A barrel was quoted at USD71.70 late Thursday before the long weekend. The elevated Brent price sparked a rally among oil stocks, with Royal Dutch Shell 'A' shares up 2.2%, 'B' shares up 2.3%, and BP shares up 2.3%. Oil-exposed firms were also among the biggest gainers in the FTSE 250 as well, with Premier Oil up 6.5%, Cairn Energy up 6.2% and John Wood Group 4.9% higher.However, blue-chip airlines were hurting from the elevated price of oil on fears of higher fuel costs. Low-cost carrier easyJet was down 4.2%, while British Airways-parent International Consolidated Airlines fell 3.4%. Eastern and central Europe-focused flier Wizz Air was down 2.7%. Irish budget airline Ryanair was down 3.8%. Back in the FTSE 250, builders' merchant Travis Perkins rose 2.9% after Bank of America raised the stock to Buy from Neutral. Elsewhere on the Main Market, shares in travel operator Thomas Cook jumped 17% after Sky News reported the firm is involved in possible takeover talks. Fosun, a Chinese company and Thomas Cook's largest shareholder, is reported to be "among those which have lodged a preliminary interest" in buying Thomas Cook's tour operating business.Fosun has a 17% stake in Thomas Cook and runs a joint venture with the company in China. Sky noted that, under EU law, airlines based in the EU must be majority-owned by European investors so Fosun cannot buy Thomas Cook's carrier.Sky also reported that parties are "weighing formal approaches for the entire ‎company", with an update on a possible full takeover expected with Thomas Cook's half-year report in May.In the US on Tuesday, earnings are due from soft drinks maker Coca-Cola, consumer goods firm Procter & Gamble, social media platform Twitter, and telecommunications provider Verizon before Wall Street opens. After the close, online auction site eBay reports. Later in the week are earnings from the likes of social media giant Facebook, aerospace firm Boeing, and online retailer Amazon.