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FTSE sees airline shares rise on air tax change



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FTSE 100 Index

Last Updated at 21 Nov 2017, 16:21 GMT *Chart shows local time FTSE 100 intraday chart
value change %
7411.34 +
+21.88
+
+0.30

Top winner and loser

easyJet

1343.00 p +
+65.00
+
+5.09

Babcock International Group

703.50 p -
-51.00
-
-6.76
value change %

FTSE 250 Index

19943.98 +
+72.69
+
+0.37

FTSE 350 Index

4121.97 +
+12.66
+
+0.31

FTSE All Share Index

4070.45 +
+12.40
+
+0.31

FTSE Techmark Index

4579.86 +
+22.06
+
+0.48

(Close): Airline shares have risen in reaction to changes to air passenger duty announced in the chancellor's Autumn Statement.

George Osborne said he would abolish the tax for children flying abroad under 12. The charge is between £13 and £194, depending on the cabin class and distance travelled.

Easyjet closed 2.5% higher, while BA owner IAG added 1.3%.

But the FTSE 100 closed lower, down 25.47 points at 6,716.63.

Royal Mail shares lost a further 1.85%, having fallen more than 2% on Tuesday after regulator Ofcom dismissed its claims that the universal postal service was under threat.

Shares in Sage rose 4.7% after the computer software firm reported a 5% rise in revenues.

Oil and gas shares rallied initially in the first few minutes of trade before falling back.

The price of Brent crude - which hit a five-year low on Monday - was up nine cents at $70.63 a barrel, having traded as high as $71.46 earlier in the session.

Royal Dutch Shell "A" and "B" shares both ended the day down 1.4%.

On the currency markets, the pound rose 0.44% against the dollar to $1.5707 and climbed 1% against the euro to €1.2757.