Leading shares are edging higher after Thursday's dip, heading for a 100 point rise on the week.
Mining shares are supporting the market following well received results from
With hopes of continuing demand from
All this has helped push the
Recent incoming on IAG has been focused on when the right time is to get out of the stock. There seem to be four main concerns; (1) Summer trans-Atlantic capacity growth, (2) whether increased capital expenditure will swallow increased cashflow, (3) whether share performance of 2013 can recur and (4) whether market expectations are now too far ahead of company guidance. Whilst some of these concerns are valid, we think the big picture is unchanged; IAG is successfully going through its restructuring and its valuation, most importantly, is still compelling. Clearly one needs to keep the risk/reward under review but for us it is simply too early to bail out.
Supermarkets continue to be pressured, following the week's poor market share figures for the majors, as discounters continued their relentless rise.
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