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Tuesday 16th of June 2009
January 29, 2007

British Airways gains 2.7 percent as strike is averted


by Elaine Frei

The London equities markets were mixed on Monday as only 2.5 billion shares traded hands on the session. The FTSE 100 added 0.2 percent to 6,239.9, but the FTSE 250 dropped 0.1 percent to 11,104.

In the airlines sector, British Airways added 2.7 percent to 542p as investors were relieved that a threatened 2-day strike by cabin crew members had been avoided.

Tobacco did well ahead of results due later in the week from British American Tobacco. Citigroup said that BAT could return an estimated £1.5 billion to shareholders without harm to its credit rating. The figure was much higher than the £500 million it currently returns each year. BAT gained 2.8 percent to a record high share price of £15.60. Imperial Tobacco was 0.8 percent higher, to £21.24.

Publisher Yell Group gained 1.5 percent to 608p on positive comments from Merrill Lynch.

Pubs operator Mitchells & Butlers was 1 percent higher to 686½p on reaction to the news that financier Robert Tchenguiz has increased his holding in the company to almost 15 percent.

Brewer SABMiller dropped 1.1 percent to £11.70 as Goldman Sachs took it off it’s “buy” list on valuation concerns.

J. Sainsbury also fell 1.1 percent, to 432½p, as one shareholider placed 12 million shares with Morgan Stanley. The shares were priced at 432p each.

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