Home Money MARKET REPORT: IAG leads Footsie higher as airline shares take off

MARKET REPORT: IAG leads Footsie higher as airline shares take off

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MARKET REPORT: IAG leads Footsie higher as airline shares take off

Airline stocks soared as the industry recovered after a brief sell-off driven by concerns about lower summer prices.

British Airways owner IAG rose 3.7 per cent, or 6.6p, to 184p, while Easyjet added 2.9 per cent, or 14.6p, to 524.8p and Wizz Air rose 5.3 per cent, or 110 pence, to 2,192 pence.

The gains came a day after Ryanair boss Michael O’Leary warned that ticket prices were likely to rise less this summer than previously thought.

The industry continues to recover after the pandemic, when lockdowns brought travel to a standstill.

Shares in IAG, which will report first-quarter results tomorrow, are up almost a fifth this year.

Record high: AstraZeneca rose 1.3%, or 156p, to 12,274p, making it the most valuable company in the FTSE 100 ahead of Shell, with a market capitalization of £190bn.

The FTSE 100 hit a new high of 8,365 early before retreating to close up 0.5 per cent, or 40.38 points, at 8,354.05.

The FTSE 250 rose 0.4 per cent, or 78.91 points, to 20,491.99. AstraZeneca moved closer to a record as it faced renewed controversy over its Covid vaccine.

The stock rose 1.2 per cent, or 146p, to 12,264, just below its record close of 12,294p in April last year.

Astra is the most valuable company in the FTSE 100, ahead of Shell, with a market capitalization of almost £190bn.

The latest spike came when the drugmaker withdrew its Covid dose amid waning demand.

He was hailed for saving lives and helping the world emerge from lockdowns, but also came under scrutiny for causing fatal blood clots.

But shares have risen more than 16 percent this year, boosted by strong demand for its cancer drugs.

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Stock Watch – Brighton Pier Group

1715229802 312 MARKET REPORT IAG leads Footsie higher as airline shares take

A cocktail of woes – from the cost of living to bad weather and train strikes – have hurt Brighton Pier Group.

The owner of Brighton Pier and Lightwater Valley theme park in North Yorkshire reported a loss of £8.8m in the 12 months to Christmas Eve, in stark contrast to the £7.6m profit it made in the 18 months leading up to Christmas Day 2022.

It now plans to charge a £1 tourist entrance fee.

The shares fell 10.3 per cent, or 4.5p, to 39p.

Informa, the world’s largest exhibition group, increased its share buyback program by around 50 per cent to £500m.

The company behind academic research business Taylor & Francis and the China Beauty Expo trade fair in Shanghai also signed an artificial intelligence deal with Microsoft. The shares gained 2.3 per cent, or 19 pence, to 850.4 pence.

Engineer Renishaw sank after revenue fell 4 per cent to £502.9m in the nine months to the end of March, while profits plunged by more than a quarter to £86.8m of pounds. The shares fell 4.2 per cent, or 175 pence, to 3,980 pence.

Shell fell 0.2 percent, or 5 pence, to 2,890 pence after agreeing to sell its refining and petrochemical assets in Singapore.

Boohoo swung to a £160m loss and fell 0.1 per cent, or 0.04p, to 35.26p after the fashion brand’s sales fell by almost a fifth in the year to the end of February .

Mike Ashley’s retail empire is closing in on a deal to become Ted Baker’s British partner, Sky News has reported. Frasers rose 0.9 per cent, or 7p, to 823p.

Alliance Pharma chief executive Peter Butterfield has resigned and will be replaced by consumer health veteran Nick Sedgwick. It fell 8.3 per cent, or 2.65p, to 29.35p.

Don Robert, chairman of video game developer Keywords Studios, bought more than £50,000 worth of shares, increasing them by 7.5 per cent, or 88p, to 1,267p.

Land Securities sold its hotels for £400m to Ares Management and EQ, but fell 0.5 per cent, or 3.5p, to 683p.

The BBC has recommissioned three old programs produced by the STV Group’s studio arm. Several other commissions follow this year. STV rose 2 per cent, or 5p, to 250p.

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