1time flat; Royal Jordanian gains; Kuwait National Airways down
1time’s (+0.0%) shares were flat on Thursday (28-Jan-2010) despite news the carrier, along with British Airways, Comair, South African Airways (SAA), SA Airlink and SA Express, will be investigated by South Africa’s Competition Commission for “alleged collusion” over fare prices during the 2010 FIFA World Cup in South Africa.
1time denied any involvement. The investigation is reportedly based on information from SAA. 1time CEO, Rodney James, told Bloomberg, “We do not communicate with SAA at all, not by e-mail or any means. We are fierce competitors, we certainly don’t talk to them about pricing issues”.
In the Middle East, Royal Jordanian Airlines shares (+4.7%) broke a losing streak, while Air Arabia also gained. Kuwait National Airways meanwhile ended trading down (-1.8%), despite a rise in Kuwait’s Stock Exchange (+0.9%). The majority of UAE share markets moved higher as improved earnings boosted investor confidence.
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Selected African and Middle Eastern airlines share price movements (% change): 28-Jan-2010