Non-executive chairman Cesar Alierta Izuel has opened his account in British Airways owner International Consolidated Airlines in a big way, spending nearly £2.5m on shares.

He took 165,000 shares at €2.82 a time, 729,575 at €2.84 and 105,425 at €2.75.

Izuel has been on the board of IAG since the company formed from the merger of British Airways and Spanish airline Iberia began trading at the start of the year. He has been chairman of telecommunications company Telefonica, Spain's biggest company by market capitalisation, since 2000.

IAG reported an improved performance in the first quarter as it unveiled its first results since coming into existence.

The company posted a pre-tax loss of €47m (£28.5m) for the three months to 31 March, much narrower than the €273m deficit that would have been seen in the same period the previous year had the two companies existed as one entity. Revenues soared to €3.64bn from €3.15bn.

But high oil prices are a big worry for the company. Fuel costs were up by 30% at €1.13bn.

"We have been working hard to establish IAG over the past few months and are confident that we are on track to deliver our synergy targets," said chief executive Wilie Walsh.


Top Director Buys

International Consolidated Airlines Group SA (IAG)
Director name: Mr César Alierta Izuel
Amount purchased: 729,575 @ 247.79p
Value: £1,807,814

International Consolidated Airlines Group SA (IAG)
Director name: Mr César Alierta Izuel
Amount purchased: 165,000 @ 248.52p
Value: £410,058

International Consolidated Airlines Group SA (IAG)
Director name: Mr César Alierta Izuel
Amount purchased: 105,425 @ 239.61p
Value: £252,609

Hikma Pharmaceuticals (HIK)
Director name: Dr Ronald L Goode
Amount purchased: 2,000 @ 795.78p
Value: £15,916

Alkane Energy (ALK)
Director name: Mr Neil Christopher O'Brien
Amount purchased: 100,000 @ 20.00p
Value: £20,000

Petmin Ltd. (DI) (PTMN)
Director name: Mr Johannes A Strijdom
Amount purchased: 50,000 @ 24.00p
Value: £12,000

Petmin Ltd. (DI) (PTMN)
Director name: Mr Johannes A Strijdom
Amount purchased: 50,000 @ 23.00p
Value: £11,500

Top Director Sells

Promethean World (PRW)
Director name: Mr Tony Cann
Amount sold: 9,187,410 @ 11.51p
Value: £1,057,471

Promethean World (PRW)
Director name: Mr Tony Cann
Amount sold: 1,400,000 @ 67.75p
Value: £948,500

EG Solutions (EGS)
Director name: Ms Elizabeth Gooch
Amount sold: 500,000 @ 69.50p
Value: £347,500

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International Consolidated Airlines Group SA (CDI) (IAG) share price