BA shares help FTSE close in positive territory
British Airways shares were given a major boost today when the airline announced plans to tackle its £2.1bn (€3.09bn) pensions deficit.
BA will increase a one-off cash injection from £500m (€737m) to £800m (€1.17bn) and offered to pay up to £50m (€73.7m) a year for the next three years if staff accepted future benefit changes. Shares have been depressed by the pensions issue but were up 21.75p at 485p today.
The post-lunch developments at BA capped a positive session for the FTSE 100 Index, which closed 43.2 points higher at 6229.8.
Other highlights included a jump of almost 3% for Vodafone as investors and analysts finally turned positive on the stock after months of woe. Half-year results yesterday proved the catalyst, pushing Vodafone up 3.5p to 139p today.
Outside the top flight, shares in the London Stock Exchange were sharply lower after details emerged of a plan by seven leading investment banks to set up a European-wide share trading platform.
