1time Holdings showing strong traffic growth; Air Arabia, Kuwait National Airways flat
Shares in South African LCC, 1time, gained 6.7% yesterday, despite a relatively flat market in South Africa in Wednesday trading.
The airline's CEO, Glenn Orsmond, stated the carrier is still showing "strong traffic growth", as passengers trade down to LCCs and after the withdrawal of Nationwide from the domestic market. Mr Orsmond commented, "the recession has played into our hands. People are switching wholesale to the low-cost carriers". 1time's share price rose over 90% in 2009.
Kenya Airways' stock (+3.6%) also continued to rally yesterday.
In the Middle East, both Air Arabia and Kuwait National Airways were flat.
Selected African and Middle Eastern airlines share price movements (% change): 13-Jan-2010
Source: Centre for Asia Pacific Aviation & Reuters