Hedge fund Odey sells stake in Ryanair, IAG -Mail on Sunday

FILE PHOTO: A Ryanair Boeing 737 airplane takes off from the airport in Palma de Mallorca

(Reuters) – UK-based hedge fund Odey Asset Management has sold its stakes in airline firms Ryanair Holdings Plc and International Consolidated Airlines Group SA, the Mail on Sunday reported.

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Hedge fund manager James Hanbury sold his holding in British Airways-owner IAG, Mail on Sunday reported https://www.thisismoney.co.uk/money/markets/article-9871965/Odey-Asset-Management-dumps-stakes-Ryanair-BA-owner-IAG.html?mrn_rm=rta, citing a presentation seen by the newspaper.

The recent development comes after the hedge fund took a short position for cinema chain AMC Entertainment, according to a report in the Financial Times https://www.ft.com/content/45f1578f-dcd0-4194-bc32-1a49e3b5b5f1.

Airlines, cinemas and other hospitality chains have been particularly hit by the COVID-19 pandemic, with the fast-spreading Delta variant further disrupting the sector.

Britain has double vaccinated a higher proportion of its population against COVID-19 than most other countries, but the government has prevented travel to many destinations by imposing rules that the travel industry says are hobbling the economy.

Odey, IAG and Ryanair were not immediately available to Reuters request for comment late Saturday.

(Reporting by Aakriti Bhalla in Bengaluru; Editing by David Gregorio)