The FTSE-250 listed scientific manufacturing group Oxford Instruments published preliminary results this morning which despite showing the company as making strong progress despite a blend of economic uncertainty and currency headwinds as a result of a falling US Dollar. Revenues were up 6.5%, profits rose by 10.8% and shareholders are being rewarded with almost a 7% increase in dividends. Management cite the appeal of their differentiated higher margin business but the market has so far been less than positive with early gains reversing to leave the Oxford Instruments share price down 2% in early trade.
International Consolidated Airlines
Airlines are amongst the biggest fallers in trade on Friday morning as markets respond to the overnight attacks on Iran by Israel. As well as leading to flight cancellations, costs have also surged with crude oil prices up as much as 10% overnight before some of the gains were given back. This remains an evolving situation and one that could escalate further. Shortly after the open, IAG share price was down almost 7%, Wizz Air was trading 5% lower and easyJet was down by around 4%.
Keeping with a theme here and the surging oil price has perhaps unsurprisingly bolstered demand for oil stocks in early trade. The BP share price is more than 2% higher, so that’s adding around £1.5billion to the company’s total valuation whilst it’s a similar story for the Shell share price, which is trading up by just under 2% on the day.
Most read news on Investegate this morning
Statement regarding offer by PHP for Assura - - Assura (AGR)
Offer for Renold plc - - Renold (RNO)
Operational Update - - AFC Energy (AFC)
