FTSE falls as oil hits record high
British Airways led the London market lower today as record high oil prices put the stock under renewed pressure.
The carrier was the heaviest FTSE 100 Index faller – off 3% or 9p to 266.75p - after the cost of a barrel of crude peaked at $60.64 overnight.
London’s biggest flotation since the dotcom boom failed to lift the wider market. Although investors were enthusiastic about PartyGaming after conditional dealings began in shares of the online poker firm today, the Footsie was 38.7 points lower at 5040.3 by mid-morning.
Among the few companies doing well today were InterContinental Hotels, up 13.5p at 703.5p, and chemicals group ICI rising 3p to 258.25p.
PartyGaming is on course to join them in the FTSE 100 Index this autumn and its shares rose 9p to 125p at the start of conditional trading.
