Kenya Airways gains on opening of European airspace; Jazeera up; Lonrho down
The majority of Middle East and African carriers' shares were up on Wednesday (21-Apr-2010) as markets were boosted by the reopening of European airspace.
Kenya Airways (+1.8%) has also been forced to cancel flights over the period. The carrier's shares gained after being able to resume Nairobi-London Heathrow service on 21-Apr-2010. Details on how much the carrier has been affected by the Ash Attack are yet to be released. Effects on other carriers in Africa and the Middle East are as follows:
Ash Attack: Africa and Middle East airline losses and cancellations
|
Airline |
Revenues losses |
Cancellations |
|---|---|---|
|
Nearly USD1 million overall |
|
|
|
USD1.9 million overall - may be recovered from passengers who still plan to take their flight at a later date |
- |
|
|
USD65 million overall - includes approximately USD60 million in income depletion and USD5-6 million in spending on accommodation for stranded passengers |
|
|
|
Up to USD2 million per day |
|
|
|
In excess of USD25 million overall |
- |
|
|
USD5.5 million per day - including payments of USD250-300 per day to accommodate each of its passengers stranded in Doha |
|
|
|
- |
|
|
|
- |
|
|
|
Approximately USD33 million overall |
- |
Elsewhere, Jazeera Airways (+4.6%) made the biggest gain on the day, despite the Kuwait Stock Exchange remaining flat. Lonrho (-3.6%) took the biggest fall.
Selected African and Middle Eastern airlines share price movements (% change): 21-Apr-2010
Source: Centre for Asia Pacific Aviation & Reuters