British Airways owner International Consolidated Airlines Group SA (LSE:IAG) shares fell over 1% on Tuesday as investors mulled the effects on the Anglo-Spanish airline's business of the Iberian blackout, plus read-across from rival Lufthansa's results.
Analyst at Peel Hunt said the German carrier's first-quarter number has a "positive read across for IAG".
Lufthansa results overall were in line with consensus expectations, though profits from its passenger airline was worse than expected. Full-year guidance remains unchanged.
"Booking trends indicate a strong summer season ahead, with robust demand on the North Atlantic routes for 2Q. We believe this provides a positive read across for IAG," said analyst Alexander Paterson.
Yesterday's mass power outage across Spain and parts of Portugal led to reports that a total of 399 British flights could be affected, with that number scheduled to depart from UK airports heading for Spain, with the number rising to 500 if Portugal is included.
Across Europe, a total of 3,005 departures and arrivals were scheduled for Spanish airports.