Market report: Friday close

SHARES in low-cost airline

Traffic figures for November were said to be pushing the shares, which have almost doubled after bottoming out at 248p two-and-a-half months ago. The airline reported that load factors have risen to 85% from 80% last year as its expanded fleet carried nearly 200,000 more passengers last month than it did in November 2000, a rise of 38%.

But while easyJet has the punters flying again, analysts are warning the airline will not necessarily be making more money. The planes are fuller because of bargain-priced tickets and that will hack away at easyJet's yields.

More passengers going through easyJet's Luton home is good news for the airport's operator TBI, 1 1/4p weaker at 54 1/2p, while rival budget carrier Ryanair was off from its seven-month high, 1/2p weaker at 418p after a share split. Loss-making British Airways gave up some of its recent good recovery, falling 4 1/4p to 223 3/4p as Moody's downgraded its senior unsecured debt to junk status.

The wider market extended its losses after the release of worse-than-feared US employment data provided further evidence of recession. The blue-chip FTSE 100, down 41 points before the figures, extended that decline to trade down 105.1 at 5264.7 by the close.

Among those bucking the trend earlier in the day, however, was Marks & Spencer. It touched a a 12-month high of 368p as investors climbed in amid further suggestions that the worst of the retailer's problems were behind it.

The latest surge was attributed to Thursday night's favourable television report of M&S's improving fortunes in the clothing market, highlighting the importance of the recent positive news flow for the group.

They later slipped back to 359 3/4p - a fall of 3 1/4p - as profit-takers moved in. Brokers said some of the selling also stemmed from M&S's announcement that it would withdraw its shares from the Euronext exchange, meaning some Continental funds would no longer be able to hold the stock.

South African Breweries led the Footsie risers with a jump of 15p to 468p. The global brewer confirmed it had pocketed £250m from a placing pitched at 445p. The money will be used to help fund its recent £381m investment in Honduras and El Salvador. The stock has come back from last week's 480p as Interbrew ended speculation that it was about to bid for its competitor.

Hotels group Six Continents saw 5m shares traded in a market caught between news that Goldman Sachs had cut 2002 earnings for the company by 10%, and talk of a possible cash return to shareholders next year. The shares ended the day down 1/2p at 734p.

Spanish bank Santander Central Hispano dampened enthusiasm for Royal Bank of Scotland, revealing it had cut its stake by 0.57% to 8.03%. RBS shares were 22p lower at 1618p.

Shares in Virtual Internet jumped 11 1/2p to 35p after the group confirmed speculation that it had received a takeover approach. The Fulham-based domain name and hosting company was worth £247m early last year but is valued at just £8m currently.

Prices and indices in this section are from various sources and calculated at different times and may not always match those elsewhere on the site.

The Daily Mail's Geoff Foster on yesterday's trade
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