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Airlines lifted the FTSE 100 Index higher yesterday as it gained ground after a dramatic sell-off the previous day and despite more poor economic news from China.
British Airways owner International Airlines Group led the risers as it climbed almost 5%, or 27p to 594p, on a positive broker note, with low-cost rival easyJet also strongly ahead.
Investment bank Morgan Stanley upgraded IAG ahead of a capital markets day in November, boosted by the €1.3 billion takeover of Aer Lingus plus falling oil prices and currency movements.
It suggested that IAG could capitalise on benefits of increased exposure to the transatlantic market, cost savings in BA short-haul flights and expansion of the Avios frequent flyer scheme, the Times reported.
EasyJet shares also rose more than 3%, up 59p to £17.59, while Carnival Corporation was up 134p at £34.67 following its third quarter results.
Online travel agent On the Beach climbed strongly as it made its stock market debut in an initial public offering valuing the business at £240 million. Shares jumped 5.5p to 205p.
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