Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. IAG capacity for Q4 at 60% of 2019 levels
Q3 results are out from IAG [LON:IAG] this morning, showing the airline operator still struggling in the wake of the pandemic. Losses for the quarter are EUR452m, which is an improvement on the EUR1.9bn posted a year ago and passenger numbers are increasing, although capacity for Q4 is still only at 60% of 2019 levels. The company remains well capitalised with in excess of EUR10bn of liquidity on hand, but the question has to be whether shareholders were expecting more, here.
#2. Stanley Gibbons to offer stake in world’s most valuable postage stamp
Interesting from Stanley Gibbons Group [LON:SGI] who have confirmed that from next week, it will be possible to take a fractional stake in the 1c Magenta stamp – the world’s most valuable postage stamp. In an era where there’s such a bidding frenzy surrounding digital assets, having a trade like this backed by a physical asset will provide an interesting comparator.
#3. Beazley gross written premiums higher than expected
Insurer Beazley [LON:BEZ] has published Q3 numbers today, showing gross written premiums up by 29%, which is higher than expected. The company has seen especially strong growth in the cyber and executive risk insurance market, an area it sees as ripe for further growth. Investment returns are around 20% lower than recorded a year ago, but on balance it seems like there’s plenty to cheer here.