FTSE 100 index opens down on Kingfisher, Pearson and tourism
The FTSE 100 opened down this morning, led lower by airline stocks, InterContinental Hotels and Pearson.
The UK's top blue-chip index was 0.63 per cent down at 6,265 points as the market opened.
Read more: Rolls-Royce revs up for restructure
InterContinental Hotels Group and International Consolidated Airlines Group (IAG) also suffered losses, with the former falling 1.33 per cent to 2,448.5p per share and the latter opening 1.6 per cent down at 558.5p per share.
EasyJet was also among the fallers, dropping 1.47 per cent to 1,621p per share. The airline today announced it will cancel all flights to Sharm El-Sheikh until 6 January. The company had been among several operators, including Monarch Airlines and Thomas Cook to cancel flights.
Meanwhile, Pearson fell 1.9 per cent to 800p per share as the FTSE started trading.
Kingfisher was the biggest loser, opening 2.58 per cent down at 336p per share, after the company reported a retail profit of £223m for the third quarter, but missed expectations after being hit by foreign exchange movements.
Read more: The FTSE 100 just had its best week since early October
However, it wasn't all bad as Rolls-Royce's share price rose 0.62 per cent to 572.5p as the company announced chief executive Warren East will today set out how he aims to make £150m-£200m worth of savings each year from 2017 in a review of the company's operations.
Babcock International Group, the outsourcer, posted underlying revenue up 12 per cent for the first half of 2015, resulting in its share price increasing 4.18 per cent to 1,047.5p, leading the risers.