Markets do not like uncertainty and apart from the macro economic factors to which we are all subject, IAG (and BA as its biggest part) has its own uncertainties such as levels of cancellation, the impact on future bookings, the Far east still not fully open etc. All of these uncertainties depresses the share price of IAG.

Some of the uncertainties are more perceived than others, but then markets have not always been entirely and solely focused on fact. I believe it's a good time to buy IAG. I've certainly benefitted from this sort of sentiment in the past when BA shares were down at 125p, but rose as IAG to 600p. The important thing about airline shares is that you must hold your nerve. That said, I am not sure I'd invest in most other airlines.