1time Holdings up again with rise in South African market; Kuwait National Airways down

The majority of African and Middle East carriers witnessed rises in share prices on Monday (18-Jan-2010).

1time (+5.0%) shares rebounded as South Africa’s FTSE/JSE Africa All Share Index rose 0.6%, after dropping 0.8% on Friday (15-Jan-2010). The rise in the South African market came despite Morgan Stanley forecasting during trading that the Rand is currently “overvalued” and is expected to fall 13% by the end of 2010, as the US Dollar recovers.

Kenya Airways (+1.6%) also rose.

Elsewhere in Africa, Rwandair still expects to privatise and has received interest from parties to acquire equity in the carrier. Rwandair now plans to continue improving its services and operations in preparation for the privatisation.

In the Middle East, Air Arabia (+1.1%) gained, while Kuwait National Airways (-1.8%) fell.

Selected African and Middle Eastern airlines share price movements (% change): 18-Jan-2010