EADS down, Boeing and Embraer up, lessors report big gains – Share Wrap
EADS' share price dropped 2.1% on 26-May-2009, after rallying at the beginning of the week. Boeing was up 2.8% yesterday, after the first engine test for its B787 was held last week (with Rolls Royce Trent 1000s). The first four 787s will be powered by Rolls Royce engines, but the news did little for the engine manufacturer's share price, which was down 0.8% yesterday.
Embraer continues its recent stock market buoyancy, rising 4.9% yesterday. The manufacturer's share price has risen 62% since its mid-March lows (although the stock is still down 8.5% since the start of the year). By comparison, EADS and Boeing have recovered 30% and 66%, respectively, since their lowest points this year.
Commercial aircraft lessors generally recorded strong gains. Aercap was up 5.6% yesterday, Genesis Lease rose 6.1% and Aircastle advanced 8.1%. Private and luxury leasing company, Air Partner, also shared in the gains, up 3.5%. The exception was Babcock & Brown Air, part of the troubled Australian investment house, which fell 1.3%.
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Selected aviation suppliers' daily share price movements (% change): 26-May-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance