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Shares in BA owner boosted by reports of oneworld expansion

by Chris Marshall on Oct 02, 2012 at 16:59

Shares in BA owner boosted by reports of oneworld expansion

Shares in British Airways owner International Airlines Group topped the FTSE 100 on Tuesday amid reports that Qatar Airways will become the first Gulf carrier to join oneworld, the alliance of global airlines which counts BA among its members.

IAG (ICAG.L) shares rose by 4.7p or 3% to 159p. The reports have not however been confirmed, with Qatar Airways chief executive officer Akbar Al Baker telling Bloomberg that the airline 'is open to joining any alliance' in the industry.

Tesco (TSCO.L) was among other blue chip risers, ending the day up 5.7p or 1.7% to 336p, ahead of tomorrow’s eagerly awaited half-year results, when investors will look for signs of improvement in the group’s core UK business.

Shares in Wolseley (WOS.L) bounced around all day, before ending 15p or 0.5% lower at 2,668p. The plumbers’ supplier this morning announced plans to raid its cash pile for a special dividend, alongside trading numbers that met expectations.

You can see the day's other risers and fallers on our FTSE home page.

Spanish guessing

Stock markets around the world put in a topsy-turvy showing, with the FTSE 100 ending down 11 points at 5,809. Most other European markets were lower, while in the US – with little major economic data to sway investors – the Dow Jones dropped 0.2% to 13,486, while the S&P 500 was flat at 1,444.

The fate of Spain remains a hot topic, with some support offered to the euro – up 0.5% to $1.296 against a weak dollar – by speculation of an imminent bailout. 

However, Spanish prime minister Mariano Rajoy last night denied that he would seek a bailout this weekend, according to the Spanish press.

Meanwhile, according to Reuters European officials said that Madrid was ready to make a request for aid, but that Germany would prefer the crisis-struck country to hold off for now.

While the guessing game continues over Spain’s plans to request aid, investors are looking to announcements at the conclusion of central bank meetings on Thursday – when both the European Central Bank and Bank of England decide on monetary policy – as well as information on the health of the US labour market from the non-farm payrolls report due on Friday.

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