LAN shares surge despite uncertainty; Air Canada, WestJet slip
Of those that traded on Monday (18-Jan-2010), North and South American airline stocks were mixed. Canada's TSX (0.6%) ended trading higher, as did the Bovespa (+0.6%), pushed by advances in major companies, Petrobras and Vale. US carriers did not trade on Monday due to the Martin Luther King public holiday.
LAN shares surge on uncertainty as to how Sebastian Pinera will dispose of his stake
LAN (+1.3%) shares rose as investors remain unsure as to how President-elect Sebastian Pinera will dispose of his stake in the carrier. Mr Pinera has vowed to sell his 26.3% stake by Mar-2010, which is estimated to be worth approximately USD1.5 billion. The Cueto Group will have first option to purchase the shares, which would increase its stake to 51.8% if it purchases all the shares.
TAM (+1.8%) and GOL (+1.3%) were also up at the end of trading, while Air Canada (-1.6%) and WestJet (-0.2%) shares fell.
Also in today's America Airline Daily:
- Gulfstream International announces expansion of its United Airlines codeshare;
- Continental Airlines report USD77 million in special charges in 4Q2009;
- Alaska Airlines plans to extend Portland market share.
North & South America selected airlines daily share price movements (% change): 18-Jan-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance
*New York stock exchange closed due to public holiday