FTSE 100 up on British Airways, RBS results

FTSE 100 rises 0.22 per cent to 5,137.52 in early trading

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Friday, 06, Nov 2009 10:31

By inthenews.co.uk staff..

The FTSE 100 rose 0.22 per cent to 5,137.52 by 09:00 GMT, as several companies reported third quarter earnings.

Despite making a £292 million pre-tax loss compared with a £52 million profit last year – a bigger loss than expected – British Airways led the rise with a 5.48 per cent jump in early trade.

Investors were cheered by the airline's chief executive Willie Walsh, who said passenger numbers had stabilised and more cost cutting measures were on the way.

Royal Bank of Scotland (RBS) was also rising on the blue-chip index, after releasing earnings results for the third quarter.

Although impairment charges jumped, taking the bank to a £2.2 billion loss for the three months to September, shares surged 4.35 per cent on upbeat comments about the bank's future from chief executive Stephen Hester.

In contrast, an uncertain outlook from Rentokil in its third-quarter earnings report sent stock tumbling 2.59 per cent – despite a rise in profits at the firm.

The results from RBS did not help Lloyds Banking, which remains in the red, falling 2.54 per cent, while Barclays also dipped 1.15 per cent.