British Airways stock on slide


21-09-2001

Shares in British Airways continued to slide yesterday (Thurs) after the airline announced 7,000 job cuts and said it would reduce its number of flights.

BA, which has seen its share price tumble sharply in the wake of the US atrocities, fell another 6 per cent, or 10p, to 153p.



The plight of BA was reflected on the rest of the London market as the FTSE 100 Index continued to head south.



With further losses overnight on the Dow Jones Industrial Average doing little for confidence, the Footsie was off 70.2 points at 4651.5 by 9am.



The latest fall came a day after more than 29 billion was wiped from the value of London shares as investors continued to panic about the economic implications of last week's events.



Oil stocks were doing little to lift the market following Shell's announcement that it had scaled back production targets.



Shell was down 24p at 460p while BP was 18p lower at 526p.



Another notable faller was troubled telecoms equipment company Marconi, which reached another new low on the eve of its departure from the Footsie. Shares were down another 6 per cent, or 1p, at 24p.



Only a handful of stocks found positive territory and included the control systems group Invensys.



The FTSE 100 company rose 4 per cent, or 1p, to 43p after it reassured investors that it saw no reason for a recent fall in its share price.