Oil majors push FTSE 100 to post gains, Ryanair falls 6 pct

Britain's main share index found support from oil majors on Monday after a signal from OPEC on sticking to production cuts, while weak results from Ryanair triggered a sell-off in airlines across the board. The FTSE 100 was flat by 0750 GMT, while the midcap index was fractionally lower.

Providing the biggest boost to the blue-chip index were Shell and BP as oil prices touched multi-week highs after OPEC indicated it would probably maintain production cuts that have helped support prices this year. Ryanair's London-listed stock fell 6% to a four-month low after the low-cost airline reported its weakest annual profit in four years amid struggles with overcapacity, Brexit and delays in delivery of the Boeing 737 Max.

The poor reading dragged down British Airways owner IAG, easyJet and Wizz Air. Among midcaps, a stand-out faller was Madame Tussauds-owner Merlin Entertainments which slipped 5.2% and was on course for its biggest one-day fall in two months after a double downgrade by HSBC.

Small-cap Low & Bonar tumbled 26% to a record low after the polymer products maker announced CEO departure and cut full-year targets due to a hit to sales from the U.S.-China trade war. 

(With inputs from agencies.)