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FTSE 100 movers: British Airways boosted by cost target
Thu, 02 Sep, 2010
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FTSE 100 movers: British Airways boosted by cost target
Fri, 3 Jul 2009, 18:01:00
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Related Market Prices
Name
Value
Percent
Change
British Airways
221.60p
+0.64%
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British Airways
tops the gainers despite revealing that it carried 3.8% fewer passengers in June. It added it will cut spending by 20% to deal with the challenging market conditions. Traffic, measured in Revenue Passenger Kilometres, fell by 3.8% in June. Passenger capacity, measured in Available Seat Kilometres, was 1.7% below June 2008. The load factor, a measure of how well BA fills planes, was down 1.8% at 79.6%, while cargo traffic was down nearly 10% The group said market conditions remain "very challenging" with trading at levels well below last year. But on an underlying basis, both premium and non-premium volumes and seat factors have been stable for more than three months, it said. The demerger of
Friends Provident
's asset management subsidiary F&C has received court approval and has taken place today, resulting in a downward adjustment in the share price. Broker Panmure Gordon believes that having offloaded its 52% stake in F&C Asset Management the life assurance company could well be involved in consolidation activity within the sector, though it suggests that had buy-out specialist Resolution been interested in Friends it would have made its move before the demerger. Cornes rates the shares a "hold". "Although the valuation appears attractive with a 2009E dividend yield of 6%, we think that there are better opportunities elsewhere in the UK life sector, and would highlight Prudential and Aviva as the obvious switch candidates," Cornes concludes.
FTSE 100 - Risers
British Airways (BAY) 125.50p +5.46% Reed Elsevier (REL) 457.25p +3.92% Barclays (BARC) 297.00p +2.77% Lloyds Banking Group (LLOY) 67.50p +2.43% Royal Bank of Scotland Group (RBS) 38.78p +2.34% British Sky Broadcasting Group (BSY) 464.50p +2.14% Kingfisher (KGF) 182.50p +1.84% HSBC Holdings (HSBA) 509.00p +1.74%
FTSE 100 - Fallers
Friends Provident Group (FP.) 63.51p -6.73% Land Securities Group (LAND) 443.50p -3.90% Old Mutual (OML) 82.62p -3.39% Fresnillo (FRES) 500.50p -2.63% Balfour Beatty (BBY) 300.50p -2.51% Kazakhmys (KAZ) 630.00p -2.48% Petrofac Ltd (PFC) 667.50p -2.27% Cairn Energy (CNE) 2,295.00p -1.92%
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