easyJet and Wizz Air passenger numbers lifted in July
FTSE 100 airline easyJet reported a 4.5% increase in passengers for July, while FTSE 250 constituent Wizz Air saw numbers jump 22.9% to around 3.47mln in the period
Company
LON:EZJ
EasyJet is engaged in the provision of a low-cost airline service on short-haul and medium-haul point-to-point routes principally within Europe.
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FTSE 100 airline easyJet reported a 4.5% increase in passengers for July, while FTSE 250 constituent Wizz Air saw numbers jump 22.9% to around 3.47mln in the period
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In London, FTSE 100 shed 23 points to 7,655, while FTSE 250 shed over 155 points at 20,770
easyJet PLC’s chief executive Johan Lundgren told Corriere della Sera that easyJet has not yet talked with the Italian government but is open to holding discussions
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The index of leading UK shares closed up just shy of 50 points higher at 7,676, while the FTSE 250 was also up
Easyjet and Severn Treant are among the key names in the diary for Wednesday.
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The week ahead includes updates from Royal Mail, Unilever, Sports Direct, Rio Tinto and Anglo American along with official UK data on jobs, inflation and retail sales
The FTSE 100-listed easyJet said it flew 7.9mln passengers in June 2018, up from 7.7mln at the same month a year ago
The troubled low-cost African airline said it is going through a “quieter” period of trading which has put pressure on its cash balances
Analysts at the Irish stockbroker upgraded their stance for Wizz Air to ‘outperform’ from ‘neutral’, citing the scope for 15% capacity and earnings growth over the next decade
Ryanair had been Exane BNP’s preferred pick of the two, but analysts there downgraded it to ‘neutral’ from ‘outperform’ whilst moving rival Easyjet in the opposite direction
The retailer has been pulling investment from its high street stores and putting it into the ‘travel’ side of its business, which is benefitting from an increase in plane and rail passengers
The low-cost airline said there were 974 cancellations in May, equivalent to 2.5% of planned capacity and up on the 117 experienced in May 2017
The City broker also raised its target price for the FTSE 100-listed firm to 1,800p from 1,250p, with the stock having closed trading on Monday at 1,778.5p
Concerns on margin pressures and upcoming results from competitors will likely lead to a review of the airline's prospects once the high of today's results wears off
A look at some of the top risers and fallers in London on Tuesday
Excluding its Tegel airline, the group reported a headline pre-tax profit for the period of £8mln, up from a £212mln loss last year
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Around 3.20pm, the UK blue-chip index was up 17 points to 7,728
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As well as easyJet, updates are expected from big names such as Vodafone, Land Securities and Hargreaves Lansdown.
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Week ahead includes updates from drugs giant AstraZeneca, mobile phones operator Vodafone Group, British Gas-owner Centrica, and postal delivery firm Royal Mail Group