NEW YORK: U.K. stocks dropped for a third day, with airlines shares falling after conflict between Saudi Arabia and Yemen sent OIL PRICES higher.
EasyJet Plc and IAG SA lost more than 3 percent each as oil headed for its biggest five-day gain since 2011. Saudi Arabia and its allies began bombing Yemen’s Shiite Houthi rebels. Energy companies BG Group Plc and BP Plc climbed at least 1.6 percent.
London STOCK EXCHANGE Group Plc tumbled 8.6 percent after Borse Dubai Ltd. sold its entire stake in the company. The British exchange operator had risen 16 percent this year through the end of last week.
The FTSE 100 fell 0.5 percent to 6,959.25 at 8:31 a.m. in London. The benchmark gauge dropped yesterday amid declines in banks. A six-day rally through Monday pushed the benchmark gauge to a record. The FTSE All-Share Index retreated 0.5 percent today, while Ireland’s ISEQ Index lost 1.3 percent.
