Fast fashion retailer ASOS delivered a trading update this morning, with the company reaffirming expectations that it will post a significant improvement in H1 profitability when numbers are released next month. Volume deleveraging, lower mark downs and cost discipline are all seen as having been instrumental in driving the improvements. The ASOS share price was up 18% in early trade.
The hydrocarbon exploration and production company was in focus this morning after a deal it had been structuring to dispose of various assets collapsed. The buyer needed to secure regulatory approvals, these hadn’t been received and management at Energean cautioned of this at the start of the week, with yesterday marking the deadline that had been agreed by both parties. With no flex in extending the timeframe, Energean has now walked away, which serves as a timely reminder that these deals don’t always go to plan. Having taken a knock earlier in the week, the Energean share price was up around 3.5% by 8.30am.
International Consolidated Airlines Group
The owner of British Airways, IAG, has seen its shares pressured this morning after news broke overnight that Heathrow Airport would be closed all day owing to an electrical fire at a nearby substation. This will cause significant disruption for the airline - whose fleet is now displaced across the globe – for some time, and will come at a significant cost, too. IAG’s share price was trading down by 3% shortly after the open.
Most read news on Investegate this morning
Interim Results - - Wetherspoon (J.D.) (JDW)
Placing and Notice of General Meeting - - Beowulf Mining (BEM)
