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International Consolidated Airlines (March traffic update 5 April)
A monthly traffic update for International Airlines Group (IAG) is unlikely to provoke much excitement, but it deserves attention to see how key parts of the business, such as business travel, are faring. February’s figures showed a 2.9% increase for the month, with capacity up 2.2%. Plans for a new budget airline have dominated the news recently, and with the current multiple for IAG around 7, the shares look almost ludicrously cheap, given the solid way that IAG has managed to integrate its businesses and maintain the pace of expansion.
IAG shares have rallied strongly since October, but a high in March of 576p saw a pullback. However, the rising trend off the October low is intact, and should see a bounce develop from the 515p area. If 500p holds then the bulls remain in charge, potentially signalling a move back to 575p. A loss of 500p could be regarded as a bearish event.