IAG Shares Decline Following Heathrow Airport Shutdown
LONDON (Reuters) - Shares in British Airways parent IAG fell on Friday after Heathrow Airport said it would be closed for the whole day after a fire at a nearby electrical substation wiped out power, disrupting flight schedules.
British Airways itself had 341 flights scheduled to land at Heathrow on Friday.
"Compensation is likely to be the largest immediate cost," said Jefferies analysts in a note, estimating that this could equate to 1-3% of group 2025 EBIT (earnings before interest and tax).
By 0801 GMT, IAG shares were down 2.7% at 282.11 pence.
Shares in other airlines were down as well, with Germany's Lufthansa, which also operates flights out of Heathrow, down 1.1%.
(Reporting by Samuel Indyk; Editing by Amanda Cooper)
