International Airlines Share News (IAG)

LONDON (Alliance News) - The FTSE 100 climbed back from some early lows to trade flat at midday on Thursday as airlines found solace in the news a no-deal Brexit on Friday has been avoided but a number of ex-dividend stocks weighed on London's blue-chip index. The FTSE 100 was up just 0.34 of a point at 7,422.25 Thursday midday, having dipped as low as 7,383.47 in early dealings. The FTSE 250 was up 85.74 points, or 0.4%, at 19,570.58, while the AIM All-Share was up 0.4% at 936.61.The Cboe UK 100 index was flat at 12,594.16. The Cboe UK 250 was up 0.6% at 17,494.87, and the Cboe UK Small Companies was up 0.1% at 11,263.02.In European equities, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.5% and 0.2%, respectively, at midday."Another mixed session looks on the cards on Thursday, very much continuing the trend this week as we move passed what could have been a volatile Wednesday unscathed and look ahead to a relatively calm end to the week," said Craig Erlam at Oanda. He continued: "Investors and businesses I'm sure will be relieved to learn that no-deal Brexit has been avoided on Friday, while the rest of us are left wondering why we potentially have another six months of this nonsense."Theresa May is due to face UK lawmakers this afternoon after the EU offered the UK a six-month Brexit delay, pushing the withdrawal date to Halloween.The prime minister is making a statement to the House of Commons on Thursday following the second extension to the Brexit process, which definitively stopped the clock on a no-deal withdrawal happening on Friday.The six-month extension to October 31 was a compromise solution thrashed out by EU leaders after French President Emmanuel Macron dug-in against a longer delay lasting into 2020.If a withdrawal deal could be ratified within the first three weeks of May, the UK could still avoid participation in that month's European Parliament elections and leave the EU in June, May said.Oanda's Erlam said: "In the absence of a Brexit deal and with the economy underperforming, facing another six months of uncertainty and maybe no rate hike as a result, the bullish case for sterling near-term may have significantly diminished."The pound was quoted at USD1.3087 Thursday midday, softer compared to USD1.3095 late Wednesday. Airlines in London were gaining on "relief" that a no-deal Brexit on Friday has been averted, said Russ Mould at AJ Bell.Low-cost carrier easyJet was up 5.5%, while British Airways parent International Consolidated Airlines was up 4.6%. Budget Irish airline Ryanair was up 2.9%. Among other movers, Fresnillo was the biggest faller in the FTSE 100 at midday, down 5.0% after posting a fall in first quarter silver and gold production. Gold production in the first three months of 2019 was 211,100 ounces, 8.8% lower year-on-year and 9.0% down on the last quarter of 2018. Silver production for the quarter was 13.1 million ounces, 15% lower year-on-year and on the prior quarter.Despite the fall in output, Fresnillo has reaffirmed 2019 production guidance of between 910,000 ounces and 930,000 ounces of gold, and 58 million to 61 million ounces of silver. Ex-dividend stocks were also among those in the red on Thursday, with broadcaster ITV, asset manager Standard Life Aberdeen and packaging firm Mondi down 4.7%, 4.3% and 2.4% respectively.Miner Glencore was down 2.3% after Goldman Sachs downgraded the commodities broker to Neutral from Buy.In the FTSE 250, office workspace provider IWG was up 4.0% after Peel Hunt raised its rating on the stock to Buy from Hold.WH Smith was up 2.7% as it boosted its interim dividend and posted another robust performance from its Travel unit. For the six months to February 28, the FTSE 250-listed stationery and books retailer posted pretax profit down 21% to GBP65 million from GBP82 million a year ago. On a group total basis, revenue rose 8% year-on-year to GBP695 million from GBP643 million, with like-for-like sales up 1%.This was on the back of a strong performance from WH Smith's Travel division, which operates at locations such as train stations and airports, which saw revenue rising 18% on a total basis and like-for-like sales up 3%. The retailer's High Street unit experienced its "second best sales performance in the past decade", despite sales dipping 1%, down 2% on a like-for-like basis.On London's junior AIM market, Scapa Group was up 13% after the adhesive products maker said it expects to deliver "record" revenue and trading profit, with annual results set to meet market expectations. For its year ended March 31, Scapa has guided for revenue to rise 7% to GBP311.8 million from GBP291.5 million a year prior.Revenue in the Healthcare division grew 22% on a continuing basis in the year, including the impact of the BioMed and Systagenix acquisitions. Organic revenue is expected down 3.6% for the year despite rising 5.1% in the second half."Since successfully completing the acquisition of Systagenix, the business has performed ahead of expectations, both in revenue and profit," Scapa said. In the US, stocks are pointed to a slightly higher open, with the Dow Jones and S&P 500 both called up 0.1% while the Nasdaq is seen flat. To come in Thursday's economic calendar are US producer prices at 1330 BST, while initial and continuing jobless claims are due at the same time. Investor focus on Wall Street lies on the start of earnings season on Friday, with first-quarter figures due from banks JPMorgan and Wells Fargo.