INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

(IAG)
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Real-time Estimate Cboe Europe  -  07:13 2022-08-09 am EDT
119.93 GBX   -0.59%
05:46aUBS Trims International Consolidated Airlines PT, Maintains Buy Rating
MT
01:58aIAG : UBS reiterates its Buy rating
MD
08/04Lufthansa limits flights amid travel chaos
RE
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UK shares mark worst week since March as economy worries grow

05/06/2022 | 05:07am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* BA-owner IAG trades near 1-month low

* Beazley gains after posting surge in gross premium

* FTSE 100 down 1.5%, FTSE 250 sheds 1.4%

May 6 (Reuters) - UK stock indexes posted their biggest weekly declines in two months on Friday, hit by a recession warning from the Bank of England and disappointing results from the owner of British Airways.

International Consolidated Airlines Group tumbled 8.3% after it reported a bigger-than-expected quarterly operating loss and scaled back plans to ramp up short-haul flights at Heathrow airport.

The blue-chip FTSE 100 closed down 1.5% and the domestically oriented midcap FTSE 250 index fell 1.4%, resulting in weekly losses of 2.1% and 4.3%, respectively.

The Bank of England (BoE) warned on Thursday that Britain risked the double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009.

"The gloomy economic outlook will likely limit the BoE's ability to tighten policy aggressively," analysts at BCA Research said in a note.

The FTSE 100, however, has outperformed major stock markets so far this year as a surge in oil and metal prices, as well as weakness in sterling, boosted commodity giants and exporters.

"The FTSE 100 is exposed to all the sectors that are causing inflation concerns, and that benefits the UK equity market," said Caroline Simmons, UK chief investment officer at UBS Global Wealth Management, who expects the index to hit 8,100 by the end of the year.

"It hurts the economy because of the consumer squeeze but it benefits the FTSE 100. Now, of course, sterling has weakened and that's also helpful."

Sterling dropped below 1.23 against the dollar for the first time in nearly two years on concerns about the economic outlook as well as local elections.

British Prime Minister Boris Johnson's Conservative Party lost control of traditional strongholds in London and suffered setbacks elsewhere in local elections, with voters punishing his government over a series of scandals.

Among the bright spots, insurer Beazley Plc gained 5.9% after it reported a surge in quarterly gross written premium.

Digital advertising group S4 Capital jumped 9.8% after delayed full-year results showed a 44% increase in 2021 gross profit. (Reporting by Sruthi Shankar in Bengaluru Editing by Vinay Dwivedi and Mark Potter)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.30% 0.57627 Delayed Quote.6.72%
AVIVA PLC 0.73% 413.35 Delayed Quote.-24.06%
BEAZLEY PLC 2.07% 567 Delayed Quote.19.13%
BRITISH POUND / US DOLLAR (GBP/USD) 0.17% 1.21058 Delayed Quote.-10.85%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.20% 0.642389 Delayed Quote.9.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.03% 0.7771 Delayed Quote.-2.39%
EURO / BRITISH POUND (EUR/GBP) 0.09% 0.8446 Delayed Quote.0.38%
EURO / US DOLLAR (EUR/USD) 0.28% 1.02259 Delayed Quote.-10.53%
FTSE 100 0.00% 7482.19 Delayed Quote.0.75%
FTSE MID 250 INDEX -0.53% 20012.27 Delayed Quote.-14.60%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.16% 0.010386 Delayed Quote.5.19%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.12% 0.01258 Delayed Quote.-6.16%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -0.46% 120.08 Delayed Quote.-15.33%
LONDON BRENT OIL 1.52% 97.66 Delayed Quote.21.13%
NATIONAL AUSTRALIA BANK LIMITED -2.93% 29.81 Delayed Quote.6.48%
NATIONAL GRID PLC 0.04% 1135.5 Delayed Quote.7.10%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.62884 Delayed Quote.-8.74%
S4 CAPITAL PLC -2.12% 135.6596 Delayed Quote.-78.14%
US DOLLAR / BRITISH POUND (USD/GBP) -0.16% 0.826043 Delayed Quote.12.19%
WTI 1.32% 91.539 Delayed Quote.17.49%
All news about INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
05:46aUBS Trims International Consolidated Airlines PT, Maintains Buy Rating
MT
01:58aIAG : UBS reiterates its Buy rating
MD
08/04Lufthansa limits flights amid travel chaos
RE
08/02Consumer Cos Down as Inflation Hits Earnings -- Consumer Roundup
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08/02BA halts ticket sales for many flights leaving Heathrow before mid-August
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08/02FTSE 100 Closed Down 0.06% Amid Further Uncertainty Over Pelosi's Taiwan Visit
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08/02British Airways Extends Ticket Sale Pause for Short-Haul Flights to Mid-August
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08/02BA halts short-haul flights from Heathrow
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08/02MARKETSCREENER'S WORLD PRESS REVIEW : August 2, 2022
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08/02IAG EURO : JP Morgan reiterates its Neutral rating
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More news
Analyst Recommendations on INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
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Financials
Sales 2022 21 442 M 21 913 M 21 913 M
Net income 2022 -280 M -286 M -286 M
Net Debt 2022 13 322 M 13 615 M 13 615 M
P/E ratio 2022 -42,9x
Yield 2022 -
Capitalization 7 084 M 7 239 M 7 239 M
EV / Sales 2022 0,95x
EV / Sales 2023 0,79x
Nbr of Employees 55 658
Free-Float 74,4%
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Technical analysis trends INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 1,43 €
Average target price 1,94 €
Spread / Average Target 36,0%
EPS Revisions
Managers and Directors
Luís Gallego Martín Chief Executive Officer & Executive Director
Nicholas Theodore Cadbury Chief Financial Officer
Javier Ferrán Larraz Chairman
John Gibbs Chief Information Officer
Emilio Saracho Rodríguez de Torres Independent Non-Executive Director
Sector and Competitors