Updates from IAG, Kodak and Hikma

Updated: 
More strain on the FTSE 100 yesterday, slipping 12 points to 6,453. John Wood Group was the biggest faller, down almost -8% to 831p. Prudential also took at -3.20% hit to 1148p. Fresnillo was the day's biggest gainer, up +2.33% to 1184p.

Overnight, the Hang Seng is down -0.81% to 21,791 while the Nikkei rises +0.13% to 13,413.

Let's start with IAG, the parent company to British Airways, Vueling and Iberia, and news that the company is asking shareholders to back orders for almost 100 Boeing and Airbus aircraft at an extraordinary general meeting in Madrid.

Much of the jets will be used to rival EasyJet and Ryanair. In total, IAG has placed a £13bn order with Airbus with plans to buy 220 A320s. Considerable cost benefits for IAG, particularly for the Vueling arm of the business, is claimed.

Meanwhile IAG has made a block listing application for 184,708,994 ordinary shares with a nominal value of €0.50 to be traded on the stock exchange.

Next, Kodak. The once-iconic name in photography has now agreed to emerge from bankruptcy and will commence trading - hopefully as early as September and predominantly in the corporate space - as a far smaller digital imaging operator.

Unfortunately shareholders will still come last in the queue for money owed. The traditional camera film business is likely to be lodged with its UK pensioners - who number as many as 15,000 - as part of an agreement on their own claims.

That means the British pensioners will own the film unit while Kodak's US pensioners will have the chance to buy into its stock. The main tranche of the Kodak stock however will be held by Kodak creditors. Kodak originally filed for bankruptcy protection in January 2012.

Finally, Hikma Pharmaceutical numbers for the first half of the year. Group revenue increases +19.9% to $638.3 million with full year Group guidance raised to around 20% revenue growth.

Profits in total are upped +82.1% to $73.6 million. On an adjusted basis, profit attributable to shareholders rose +157.2% to $121.2 million, claims Hikma. Branded revenue expanded +3.2%.

"The Generics business," says Hikma, "is benefiting from exceptional sales of doxycycline and generated strong profitability in the first half of the year. "