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Share Price Information for Wizz Air (WIZZ)

London Stock Exchange
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Share Price: 2,410.00
Bid: 2,434.00
Ask: 2,438.00
Change: -82.00 (-3.29%)
Spread: 4.00 (0.164%)
Open: 2,484.00
High: 2,504.00
Low: 2,392.00
Prev. Close: 2,492.00
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LONDON MARKET MIDDAY: Stocks higher amid US holiday-thinned trade

Tue, 04th Jul 2023 12:08

(Alliance News) - Stock prices in London were higher at midday on Tuesday, with the absence of US markets and any major economic releases keeping trade muted.

"With US markets closed for the 4th July holiday, it is expected to be a quieter-than-normal day of trading with the potential for wider swings on lower volumes," said Victoria Scholar, head of investment at interactive investor.

The FTSE 100 index was up 10.31 points, or 0.1%, at 7,537.57. The FTSE 250 was up 44.46 points, or 0.2%, at 18,552.23, and the AIM All-Share was up 0.95 of a point, or 0.1%, at 755.28.

The Cboe UK 100 was up 0.1% at 751.83, the Cboe UK 250 was up 0.3% at 16,240.33, and the Cboe Small Companies was up 0.2% at 16,240.33.

Though Tuesday's economic calendar is quiet, the rest of the week will be busier, particularly in the US.

The US Federal Open Market Committee will publish its latest meeting minutes on Wednesday and a series of US jobs data will be released on Thursday and Friday.

"While the potential for further hawkish pricing for the Fed seems limited, there is a good chance of a dovish readjustment in the case of soft jobs data," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

According to the CME FedWatch Tool, markets currently see an 87% chance the US central bank will hike interest rates by 25 basis points at its next meeting.

The dollar was slightly weaker on Tuesday afternoon, though Francesco Pesole at ING noted that volatility for the US currency will likely pick up from Wednesday with the release of the FOMC minutes.

The pound was quoted at USD1.2710 at midday on Tuesday in London, up from USD1.2675 at the close on Monday. The euro stood at USD1.0903, virtually unchanged against USD1.0905 on Monday. Against the yen, the dollar was trading at JPY144.39, lower compared to JPY144.59.

In London, AstraZeneca was the top blue-chip performer at midday on Tuesday, up 2.5%.

The stock had closed 4.9% lower on Monday as test results suggested its new lung cancer drug may be less successful than hoped, despite being generally positive.

Meanwhile, Sainsbury's was among the worst performers in the FTSE 100, down 1.4%, despite reporting an improved first quarter, with grocery sales on the up.

The grocer said in the 16 weeks to June 24, total retail sales excluding fuel grew 9.2% annually. Like-for-like sales climbed 9.8% on-year, also excluding fuel. Fuel sales alone fell 21%.

Sainsbury's said first-quarter growth was led by convenience stores and supermarkets, with customers continuing to return to stores.

Zoe Gillespie, investment manager at RBC Brewin Dolphin, said the results were "resilient".

"In an environment that many feared would lead to customers trading down, the supermarket continues to grow sales and its guidance for the year is largely unchanged...With a relatively strong balance sheet, excess cash flow, and growing market share, Sainsbury's looks well placed among its peers," she said.

In the FTSE 250, Wizz Air added 1.8%.

The Budapest-based budget airline carried 5.3 million passengers in June, up 23% from 4.3 million a year before and 6.0% from 5.0 million in May.

Wizz Air's planes were 92.2% full last month, up from 86.1% in June 2022 and 90.2% in May.

Russ Mould, investment director at AJ Bell commented low-cost airlines were having "a whale of a time" thanks to the sharp rebound in travel demand.

"The decision to expand fleet capacity during the cost-of-living crisis was a calculated risk and the move is now paying off," he said.

Elsewhere in London, Foresight Group added 0.9% following a largely strong set of annual results.

The infrastructure and private equity investment manager said revenue in the year ended March 31 increased by 38% to GBP119.2 million from GBP86.1 million the prior year.

Assets under management at March 31 climbed by 38% to GBP12.2 billion from GBP8.8 billion the year before, while funds under management were up by 35% to GBP9.0 billion from GBP6.7 billion year-on-year.

On AIM, Alba Minerals surged 53% after the Europe-focused mineral explorer announced it had been granted the ecological permits it requires for its planned dewatering and the exploration of the Clogau-St David's Gold Mine in North Wales.

The company has sought ecological permits to enable it to start the dewatering process since 2021.

Alba Mineral's technical team and contracts are now undertaking the necessary on-site preparations so that the dewatering exercise can start as soon as possible.

In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was down 0.3%.

Brent oil was quoted at USD75.61 a barrel at midday in London on Tuesday, down a touch from USD75.92 late Monday. Gold was quoted at USD1,928.81 an ounce, slightly higher against USD1,927.00.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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