The finance boss at Edinburgh-headquartered airport services group Menzies Aviation has bought his first shares in the group, only to see the value of them plummet as markets went into freefall again today.
Alvaro Gomez-Reino bought 30,000 shares at 164.5p last week, a total investment of just under £50,000. However, the growing number of flight bans imposed by governments over the weekend saw the shares fall after he bought them and also open sharply lower this morning.
After the first hour of trading on the stock market today they down by 16% at 133p each, meaning Gomez-Reino is already nursing a £10,000 paper loss on his investment.
Shares in Menzies have inevitably been hit hard by the turmoil facing the airline industry. They have lost more than two-thirds of their value since the start of 2020.
Gomez-Reino joined the board in December after having previously held senior financial positions at Amey, Ferrovial and Swissport where he was chief financial officer. Menzies said at the time of his appointment that his “industry knowledge and sound financial background is an excellent addition to the senior team”.
