During the week from March 02 – 08, the sentiment for the Reinsurance industry jumped 42 points with Swiss Re AG and Munchener Ruckversicherungs-Gesellschaft AG leading the category.
Top Industry: Reinsurance
Swiss Re announced that the current CEO of UBS, Sergio P. Ermotti will become its new chairman in 2021. Its Board of Directors will nominate Ermotti for a one-year term of office as a new non-executive, independent board member at their next annual general meeting in April 2020.
Meanwhile, shares of Munchener Ruckversicherungs-Gesellschaft AG gained 2.2 percent and grew significantly more than the European insurance sector with an increase of 0.9 percent. Analyst Philip Kett from Jefferies upgraded Munich Re’s rating from buy to hold.
Flop Industry: Airlines
On the other hand, ‘Airlines’ was the worst performing industry with a sentiment drop of 26 points. Cathay Pacific Airways and Flybe Group ranked bottom with a sentiment score of -79 and -54 respectively.
Cathay Pacific Airways was fined $644,000 by British’s privacy watchdog because of the huge data leak in customers’ data including passport numbers and credit card details. The incident happened between Oct 2014 and May 2018 and affected more than 9.4 million customers around the world.
British airlines Flybe Group stopped all flights and ceased trading immediately last Thursday following the drop in travel demand. The largest independent regional airline in Europe operated between 81 airports and was owned by Virgin Atlantic, Stobart Group and Cyrus Capital.
The situation puts about 2,400 jobs at risk and leaves key traveling routes temporarily uncovered.
1 Companies that contributed most to last week’s industry sentiment change.
2 Top trending event related to the respective company.
3 Weekly aggregated company sentiment score (ranging from -100 to +100).
4 Weekly aggregated company attention buzz (the percentage by which the number of news, blogs and tweets about an asset deviates from normal attention).