International Consolidated Airlines Group
The airline operator behind British Airways, Iberia and others saw some meaningful gains in early trade on Monday. That appears to be value hunters moving in after the share price was rattled on Friday in the wake of the latest earnings news which showed the company facing a turbulent ride in terms of cargo rates, transatlantic passenger numbers and foreign currency headwinds. The IAG share price was up more than 4% in early trade.
The IT solutions provider Kainos issued half year numbers this morning which painted something of a mixed bag and whilst investors appeared happy to take a glass half full view here in the first instance, focusing on the rising annual recurring revenues and £30m share buyback, the increase in costs attributed to higher investment in the Workday partnership seemed to rock confidence. That was despite management’s confidence over the medium term outlook given the sectors the company is exposed to and the Kainos share price was down 4% shortly after the open.
Shares in the brewing and distilling group Diageo surged higher this morning on news that a new CEO had been appointed. Sir Dave Lewis, formerly CEO of Tesco and also with many years of exec experience at Unilever, has joined the business and evidently the market has been quick to recognise the potential value here. Diageo has comprehensively underperformed the blue chip index in recent years, so arguably the new energy can only be good. The Diageo share price was 7% higher before 8.30am.
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