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Pin to quick picksInternational Airlines Share News (IAG)

Share Price Information for International Airlines (IAG)

London Stock Exchange
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Share Price: 173.15
Bid: 173.15
Ask: 173.25
Change: 0.40 (0.23%)
Spread: 0.10 (0.058%)
Open: 174.10
High: 176.85
Low: 172.95
Prev. Close: 172.75
IAG Live PriceLast checked at -

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UPDATE 1-London stocks drop as containment measures bite

Tue, 17th Mar 2020 10:08

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)

* FTSE 100 slides 2%, FTSE 250 down 3%

* Pubs, restaurant owners hit on British social shutdown

* Catering giant Compass Group slumps on profit warning
(Adds details, updates prices)

By Devik Jain and Sruthi Shankar

March 17 (Reuters) - London's stock markets sank deep into
the red again on Tuesday as shares in pub operators and catering
giant Compass Group dived on the back of the latest measures
taken to contain the coronavirus, both domestically and
globally.

Shares of the world's biggest catering firm slumped
22.2% to their lowest since June 2013 after the company forecast
half-yearly operating profit would come in way below
expectations due to steps taken in Europe and North America to
contain the spread of the virus.

Prime Minister Boris Johnson on Monday ordered the most
vulnerable to isolate for 12 weeks and asked people to avoid
pubs, clubs, restaurants, cinemas and theatres, stopping short
of ordering them to close.

The domestically focussed FTSE MID250 index gave up
early gains to trade down 3.0% in its ninth straight session of
losses, with pub operators JD Weatherspoon and Marston's
sliding 10% and 28% respectively.

The blue-chip FTSE 100 fell 2.0% as the mood turned
grim after trying to stabilise earlier in the session.

"People come in sniffing for bargains, they bid it up, and
then any rally at the moment, it's just getting sold," said Neil
Wilson, an analyst at online trading platform Markets.com.

Wall Street witnessed historic falls on Monday, with the S&P
500 posting its worst day since the 1987 "Black Monday"
rout after a series of emergency interest rate cuts and cash
injections from central banks failed to reassure investors that
the economic damage from the virus can be curtailed.

Through Monday, the number of confirmed coronavirus cases in
the United Kingdom rose to 1,543, up from 1,372 the day before,
while the UK death toll rose to 55.

British Finance Minister Rishi Sunak is expected to outline
more support for businesses hurt by the outbreak, after he
unveiled 30 billion pounds ($37 billion) in stimulus package
last week.

Meanwhile, the Group of Seven finance leaders are expected
to hold a conference call later in the day.

There was no respite for travel stocks, with British Airways
parent IAG, easyJet and Wizz Air
falling between 4.4% and 10% as airlines made unprecedented cuts
to flights, costs and staffing and stepped up calls for
emergency aid.

Among the gainers, Chilean copper producer Antofagasta
jumped 13.9% after posting higher annual profit aided
by higher sales and lower costs, but flagged review of its
spending plans due to the tough global economy.

British electricals retailer Dixons Carphone rose
5.8% after it saying it would axe 2,900 jobs as it closes all
531 UK standalone Carphone Warehouse.
(Reporting by Devik Jain and Sruthi Shankar in Bengaluru;
Editing by Shailesh Kuber and Patrick Graham)

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