It’s a quiet start to the week in terms of corporate news but last night’s peace agreement – of sorts at least – between the US and Iran has given markets something to cheer. It’s a well-versed story but copper prices were already surging ahead of the weekend break as optimism over a resolution rose. Assuming the deal sticks, this should be good for the global economy and drive further demand for the metal. The Antofagasta share price was up 7% in early trade.
Again a beneficiary of peace in the Middle East would be Wizz Air. The Eastern European low cost airline has seen its share price struggle in recent months as services to Israel were suspended and high jet fuel prices posed a significant threat to the business once the current round of hedged supply was exhausted. Last week’s results offered investors some reassurance but gains have been extended this morning. The Wizz Air share price was trading up more than 8% shortly after the open, heading back towards the pre-conflict levels.
Keeping with developments from the Middle East, Ithaca Energy, the £4bn oil & gas company, lead the sector lower this morning. Bumper energy prices have been delivering elevated profits for businesses in this field over the last few months but with WTI crude oil down by almost a third from the April highs, the outlook is rather more measured and further down the line this presents some tough comparatives, too. The Ithaca share price was down more than 6% at 8.30am, whilst sectors peers BP and Shell both down 4%.
Most read news on Investegate this morning
Takeover Offer for Accent Group Limited - - Frasers Group (FRAS)
Successful EPT confirms Helium plus Commercial Oil - - Quantum Helium Limited (QHE)
