Jet2 stocks fly as it joins travel sector ascent in profit upgrade

JET2 shares continued to climb today as the package holidays group upped profits guidance amid signs that families are sticking to plans for a week in the sun.

The shares were as low as 637p in October but now stand at 1208p after today’s rise of 3% or 30.5p extended the run seen on the back of other strong industry updates.

Jet2 said that customers’ eagerness to take their “much valued and anticipated holidays” remained high as it reported summer booking trends ahead of last year.

Wizz Air struck a similar tone today after it reported a jump in third-quarter revenues, although shares gave up a chunk of their recent gains as investors locked in profits.

The FTSE 250-listed stock fell 8% or 242p to 2770p, while low-cost rival easyJet gave up 4p to 509.5p and British Airways owner IAG eased 0.4p to 169.32p.

London’s top flight stood 12.39 points higher at 7757.26, with private equity firm 3i Group up by 5% or 69.5p to 1529.5p after its performance was boosted by the “very impressive“contribution of the Action discount chain.

Action, which accounts for about half of the assets in 3i’s private equity division, reported a 30% sales improvement in 2022 as 3i’s net asset value jumped to 1649p from 1477p in September..

Other blue-chip risers included Prudential, which surged another 3% or 45p to 1379p after the insurer announced the opening of an office in Macau as it targets a key and under-penetrated life insurance market.

The FTSE 250 index improved 81.10 points to 19,855.14, with food ingredients business Tate & Lyle one of the best performers after it said it had succeeded in passing on higher input costs.

Its shares jumped 6% or 42.4p to 765.6p as the former blue-chip company reported revenues growth of 19% in its food and beverages division for the quarter to 31 December.

Among smaller stocks, eyewear manufacturer Inspecs rallied 30% or 19.5p to 82p on AIM after it reassured on recent trading amid progress in streamlining its Norville business.