Shares of International Airlines Group (IAG.UK) are losing nearly 2% during today’s session after a fire at an electrical substation supplying the airport forced Heathrow to face a significant power outage and suspend air traffic for the entire day.
British Airways (IAG’s subsidiary) alone had 341 flights scheduled to land at Heathrow on Friday. In total, nearly 1,351 flights are scheduled to pass through the airport today.
Jefferies analysts report that compensation is likely to be the company’s biggest immediate cost, estimating that it could amount to 1-3% of the group’s EBIT in 2025.
Shares are losing 2%, but the scale of the sell-off at the beginning of the session after the news of the airport’s suspension was significantly larger, reaching as much as 4.5%. Source: xStation
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