BAA reports weak traffic, Fraport and AdP shares drop – Share Wrap
BAA Ltd reports passenger numbers at its seven British airports fell 2.3% to 11.5 million in Apr-2009 - the 13th consecutive month of reductions in demand. BAA is owned by Grupo Ferrovial, whose shares rose 1.8% yesterday.
The decline in traffic moderated from the 11% fall in Mar-2009, helped by Easter falling in April this year, which boosted leisure demand, particularly at Heathrow and Edinburgh airports. Stansted's traffic declined 13% year-on-year.
Airport shares were under pressure across Europe yesterday, with Aeroports de Paris and the operator of Vienna Airport both easing 2.4%. Fraport's shares fell 3% and Zurich slumped 5.6%. The outlook for airport traffic growth at Europe's busiest airports this Summer is poor, as airlines are expected to take advantage of an easing in 'use-it or lose-it' slot rules and cut capacity to better match demand.
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Selected airports daily share price movements (% change): 11-May-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance