FTSE 100 Movers: IAG flying low

22nd Nov 2011 14:40

It was bad news all round for the travel industry, as shares in International Consolidated Airlines lost over 4% after Iberia, which operates under IAG, let it be known that it is facing potential strike action from workers, over the firm's plans to launch a new airline next year. Heading in the opposite direction, Associated British Foods was on the up after announcing plans to give its Indian operations a boost, launching its "Big India Project" to double headcount and capacity at AB Mauri India. Speaking to the Financial Chronicle, the firm's executive director, said: "The plan is to turn the Indian operations into a $100m company over the next five years. To reach there, we will double our yeast capacity from 2,000 tonnes per month to over 4,000 tonnes per month. "We will also double our headcount, which at present is 600 and will improve our R&D facilities. The bakery capacity will, however, remain the same at 2,500 tonne per month." Miners were also in demand, recovering after bearing the brunt of the recent sell-off. Vedanta Resources, Lonmin, Xstrata and Antofagasta were among the better performers. Insurers were also performing well, with Admiral and Resolution making good gains.Meanwhile, Meggitt, a defence firm which earns half its revenues from the US, fell after concerns over budget cuts in the States. Around half of the inevitable budget cuts, which are expected to total around £638.28bn, will be made on defence programmes. FTSE 100 - RisersAdmiral Group (ADM) 858.00p +5.21%Associated British Foods (ABF) 1,096.00p +2.43%Resolution Ltd. (RSL) 235.70p +2.39%Rexam (REX) 335.30p +1.91%Diageo (DGE) 1,311.50p +1.90%British Land Co (BLND) 462.60p +1.87%Standard Chartered (STAN) 1,289.00p +1.74%Reckitt Benckiser Group (RB.) 3,153.00p +1.71%Unilever (ULVR) 2,053.00p +1.63%Lonmin (LMI) 994.50p +1.58%FTSE 100 - FallersInternational Consolidated Airlines Group SA (IAG) 131.00p -5.89%Meggitt (MGGT) 373.60p -2.94%Royal Bank of Scotland Group (RBS) 19.03p -2.71%ICAP (IAP) 319.00p -2.54%Fresnillo (FRES) 1,554.00p -2.45%Lloyds Banking Group (LLOY) 22.92p -2.13%BAE Systems (BA.) 257.60p -1.75%Hargreaves Lansdown (HL.) 447.00p -1.65%Wolseley (WOS) 1,772.00p -1.56%Carnival (CCL) 2,043.00p -1.54%NR