At the open: FTSE 100 slips back after strong start to the week

 
Jake Cordell
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Markets are usually a little more barren on Friday as trading volumes dip
Markets are usually a little more barren on Friday as trading volumes dip (Source: Getty)

The FTSE 100 is finishing the week on the back foot as a series of disappointing trading updates weighed on the markets this morning.

The benchmark index sank by one per cent on the open and stood at 6,262 in the first hour of trading - wiping off gains made earlier in the week and putting the recent highs of 6,400 a long way off.

International Airlines Group (IAG) was one of the worst performers as it dropped four per cent after warning that the aftermath of the Brussels attacks could hit its plans for expansion in the second quarter.

Read more: US economy, suddenly, not looking so strong

Royal Bank of Scotland was also in the red after it announced losses of £968m in the three months to March. Investors took a few minutes to digest the news, but eventually decided a near-billion pound black hole wasn't a good story. Shares dropped by more then two per cent to 239p.

Miners were a rare spot of stability on the index. Fresnillo put on 1.2 per cent to 1,108p and Rio Tinto picked up an extra 0.8 per cent at 2,348p.

After fears of a stumble, oil prices showed signs of life this morning as well, as Brent Crude added a modest 0.3 per cent to take it to $48.28 a barrel - nearly 10 per cent up on the week.

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