The triumphant advance of the FTSE 100 to its current record high has given way to dull, rangebound trading as upward momentum exhausts itself. Having gained over 8% in a month, the index now faces a tougher task, namely that of holding on to the ground won. Latecomers to the rally need to be wary; strong gains from February into April were followed up by a very choppy period, one that could easily recur.
Sentiment across the travel sector was impacted by Ryanair's suggestion that ticket price inflation is starting to flatline and that the company could soon need to start cutting prices.
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