FTSE 100 lower as airline shares fall

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Shares in airlines opened lower after comments from Ryanair raised fears of a price war in the sector.

Ryanair said it could cut fares by as much as 9% on some routes in the next few months as competition intensified.

Its comments overshadowed news of a 55% rise in first-quarter profits, and Ryanair’s shares fell 4.5%.

Shares in rival airlines were also hit. EasyJet fell 3% and British Airways owner IAG dropped 2.5%. The FTSE 100 was down 38.13 points at 7,414.78.

Household products giant Reckitt Benckiser was another one of the biggest fallers, down 1.6%, after it said it still had “work to do on addressing the full implications of the recent cyber-attack”.

The maker of Dettol, Vanish and Durex had already said the attack meant its second quarter like-for-like revenues would drop 2%.

In addition, Reckitt said it was “experiencing tough market conditions”.

In the FTSE 250, shares in discount retailer B&M rose 4.4% following reports at the weekend that it could be a takeover target for Asda.

On the currency markets, the pound rose 0.2% against the dollar to $1.3017 and was also 0.2% higher against the euro at 1.1168 euros.

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