International Consolidated Airlines Group’s (LON:IAG) share price has climbed into positive territory this Wednesday, holding steady despite an IT glitch which has affected its British Airways unit. The news comes after back in 2017, the British flag carrier suffered a computer system failure which disrupted the journeys of about 75,000 passengers during a holiday weekend.
As of 09:52 BST, IAG’s share price had added 0.61 percent to 448.90p, largely in line with gains in the broader London market, with the benchmark FTSE 100 index currently standing 0.68 percent higher at 7,220.10 points. The group’s shares have given up a little more than a third of their value over the past year, as compared with about a 6.9-percent fall in the Footsie.
British Airways hit by IT glitch
Reuters reported today that problems with the IT systems of IAG’s British Airways airline left passengers facing flight delays and long queues at airports in the midst of the peak summer holiday period. The airline has apologised to customers for the disruption, noting that its technical team was working to resolve the problem as soon as possible. The newswire noted that British Airways, however, would not confirm how many people have been affected by the IT problems.
The glitch comes at a sensitive time for the British flag carrier which is facing a hefty fine over the theft of customer data from its website last year.
Analysts on FTSE 100 company
HSBC lifted its stance on the British Airways and Iberia parent to ‘hold’ yesterday, further hiking its target on the IAG share price from 400p to 460p. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average valuation of 643.58p.
The FTSE 100 group updated investors on its half-year performance last week, posting a rise in profit despite fuel cost headwinds.
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a MA degree in Nordic Studies from Sofia University and has also attended the University of Iceland. While she covers a variety of investment news, she is particularly interested in developments in the field of renewable energy.