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MarketScreener Homepage  >  Equities  >  Xetra  >  Air Berlin Plc    AB1   GB00B128C026

AIR BERLIN PLC (AB1)
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EasyJet, IAG boost FTSE as airlines circle over Air Berlin carcass

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08/15/2017 | 06:04pm CEST
FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange

LONDON (Reuters) - A late boost from airlines helped FTSE 100 <.FTSE> gain 0.4 percent on Tuesday, after inflation data earlier eased investors' fears over a squeeze on consumer spending.

EasyJet (>> EasyJet) jumped 4.5 percent to lead the FTSE after Air Berlin (>> Air Berlin Plc) filed for insolvency and a source said the orange budget airline was in talks to snatch up some of the failed airline's assets.

British Airways owner IAG (>> International Consolidated Airlines Group) also jumped 2.9 percent.

Consumer price inflation unexpectedly held steady in July, data showed on Tuesday, denting the pound and boosting blue-chips, with investors looking ahead to Wednesday's wage data for a better read on the health of the labour market.

"Even if inflation had got stronger, I don't think that would be enough to make the Bank of England raise rates," said Mike Bell, global market strategist at JP Morgan Asset Management.

"The [wage growth] numbers tomorrow are going to be much more important," he said.

Among gainers, defence and security firm BAE Systems (>> BAE Systems) rose 2.3 percent after Goldman Sachs added the stock to its "conviction list" and reiterated its "buy" rating.

"We expect programme growth, as well as a new Typhoon (combat aircraft) order from Saudi Arabia, to cement the outlook for 2019/2020," it said, adding that BAE had underperformed the FTSE 100 recently and was now trading at a wider-than-usual discount to U.S. peers.

Meanwhile Next (>> Next) fell 3.1 percent after Berenberg downgraded its rating on the retailer to 'sell' from 'hold', citing its large retail outlet footprint as a brake on its ability to invest in online services and home delivery.

"While it was quick to recognise the online opportunity, it has failed to fully adapt its business model, instead focussing on short-term cash flow and profitability," said Berenberg analysts.

They pointed to similarities between Next and Kodak, which had a dramatic fall from grace ending in insolvency when it failed to keep pace with innovations in the photography market.

Miners Randgold Resources (>> Randgold Resources) and Fresnillo (>> Fresnillo) led losers, down 3 to 3.2 percent as weaker Chinese housing sector data weighed on commodities stocks across the market.

Oil firms Petrofac (>> Petrofac) and Tullow Oil (>> Tullow Oil) held mid-caps back, down around 4 percent each after crude prices tumbled overnight.

Miners Centamin and Acacia Mining also weighed on the index.

Although Tuesday's figures suggested inflation was losing steam, it remained above the Bank of England's target level.

"When it comes to stocks, the impact of inflation is not straightforward," said Kathleen Brooks, analyst at City Index.

"Even though the UK has above-target inflation, growth companies are benefiting from low interest rates, which is why the UK's AIM market has had a stonking year."

(Reporting by Helen Reid; Editing by Kevin Liffey)

By Helen Reid

Stocks mentioned in the article
ChangeLast1st jan.
ACACIA MINING 3.03% 120.55 Delayed Quote.-39.27%
AIR BERLIN PLC 5.08% 0.031 End-of-day quote.-18.42%
BAE SYSTEMS -0.06% 628.4 Delayed Quote.9.67%
CENTAMIN PLC 3.18% 103.9 Delayed Quote.-34.37%
EASYJET -2.00% 1394.5 Delayed Quote.-4.75%
FRESNILLO 0.71% 853.6 Delayed Quote.-40.27%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP 1.22% 694.8 Delayed Quote.6.73%
NEXT -2.29% 5200 Delayed Quote.14.92%
PETROFAC LIMITED -0.37% 639 Delayed Quote.25.29%
RANDGOLD RESOURCES 1.44% 4923 Delayed Quote.-33.56%
TULLOW OIL -0.08% 246.8 Delayed Quote.19.46%
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Income Statement Evolution
Managers
NameTitle
Thomas Winkelmann Chief Executive Officer & Executive Director
Gerd Becht Chairman
Oliver Iffert Chief Operating Officer
Courtelis Dimitri Chief Financial Officer
Joachim Edmund Hunold Co-Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
AIR BERLIN PLC-18.42%3
DELTA AIR LINES6.45%41 210
UNITED CONTINENTAL HOLDINGS INC33.44%24 518
RYANAIR HOLDINGS PLC-10.08%17 993
INTERNATIONAL CONSOLIDATED AIRLINES GROUP6.73%17 974
AIR CHINA LTD.-32.47%15 237