Aerocentury leads lessors up, Boeing rallies after quarterly loss – Suppliers Share Wrap
Regional aircraft lessor Aerocentury led the market on Wednesday, with an 11.7% jump in its share price, the strongest single day gain for the company in almost five weeks.
Since it reported its 2Q2009 results in Aug-2009, the company's share price has risen 95%, to USD23.80 per share, just 70 cents short of its all time high, set at the end of 2007.
Other lessors were mixed: the soon to be merged Genesis Lease and Aercap were up 2.0% and 2.3% respectively, while Aircastle dropped 0.7% and Babcock & Brown Air was down 2.0%.
Shares in major aircraft manufacturers were slightly more positive. After reporting a USD1.6 billion loss earlier in the week, mostly due to the ongoing problems with the B787 and B747-8, Boeing was up 0.9% yesterday. It European rival, EADS, was flat. Brazilian manufacturer Embraer rose 3.3%. Embraer has traded at a range of BRL21-24 over the past three months, after a 33% jump in Jul-2009.
Selected Aviation suppliers' daily share price movements (% change): 22-Oct-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance