European stocks JCDecaux (5.8%), Dufry (+4.3%) and Ferrovial led airports/supplier share higher on 21-Oct-2010, as wider European markets all gained after strong corporate earnings reports and strong economic growth expectations from Germany.
JCDecaux (+5.8%), Dufry (+4.3%) and and Ferrovial (+3.6) were the day's strongest performers, as European investors welcomed upbeat earnings reports from the region. European sentiment was also buoyed by predictions from the German economy minister that the eurozone powerhouse could expect growth of 3.4% this year, rather than 1.4% as projected earlier in the year. The FTSEurofirst 300 gained 0.6% during trade.
Australia’s MAp (+1.0%) gained as Deutsche Bank revised traffic and earnings forecasts across Sydney, Copenhagen and Brussels airports. Deutsche maintained its 12-month target price of AUD3.50 and ‘buy’ rating on the stock.
Hainan Meilan fell 1.5% as wider Chinese markets fell in the wake of interest rate hikes. Fraport slipped 1.4% during trading, despite the positive economic forecast from Germany, with HSBC downgrading the stock from “overweight” to “neutral”.
Selected airports daily share price movements (% change): 21-Oct-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance