Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Metro Bank [LON:MTRO] has this morning announced the appointment of a new CEO, with Dan Frumkin taking up the role with immediate effect. Mr Frumkin had been in the post of interim CEO since the start of the year so the confirmation provides a little more certainty, but with shares having lost 95% of their value over the last two years, there’s still lots to be done if the challenger bank is to regain investor confidence.
An interesting update from Strix Group [LON:KETL], who design, manufacture and supply kettle safety controls and other devices involving water. The company’s manufacturing plant is in Southern China so the business has clearly been impacted by the Coronavirus outbreak. Production after the Lunar New year holiday resumed just one week late and two thirds of the workforce have returned. The business is painting a positive picture, noting that its supply chain remains intact and some orders have been increased owing to disruption elsewhere. Whether this is sufficient to reassure investors remains to be seen, but this theme of updating the market on the impact of Coronavirus seems set to continue in the weeks ahead.
Although they’re not listed, Qatar Airways has posted a statement this morning highlighting that the company has now built a 25.1% stake in IAG [LON:IAG], the owner of British Airways. On the basis that this is likely to be a long term play, it has the effect of further removing free float of stock from the market, something which could make the share price that bit more volatile to both positive and negative news in the future.
Sign up for three quick facts and more with our Free Daily Digest newsletter, every weekday morning.