Kenya Airways day’s only gainer; Comair and Air Arabia down; Kuwait National Airways flat
The majority of Middle East and African carriers' shares were down on Wednesday (19-May-2010) as they followed global markets lower on Germany's announcement of a ban on naked short-selling of particular financial instruments. The fall in airline shares was despite another 1.2% decline in oil prices, to USD69.87.
In Africa, Comair (-2.5%) was down with South Africa's JSE All Share Index, which declined 1.5%. 1time, which is also listed on the JSE, was flat.
Lonrho (-2.5%) declined, despite a 12.5% climb the day prior, on news it has taken full ownership of African food supplier, Rollex.
Kenya Airways (+3.8%) was the only gainer of the day, and one of the day's most active gainers on the Nairobi Stock Exchange (NSE), which gained 1.0 points for the session. Independent analyst, Aly Khan Satchu, stated the market is expected to gain this week on banks' 1Q2010 earnings.
In the Middle East, Royal Jordanian (-1.1%) fell with the Amman Stock Exchange (-0.7%). Air Arabia (-1.0%) was also down, while Jazeera and Kuwait National Airways were stable.
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Selected African and Middle Eastern airlines share price movements (% change): 19-May-2010
Source: Centre for Asia Pacific Aviation & Reuters