Air Arabia shares downgraded; Kenya Airways continues fall;
HC Research noted Air Arabia’s early Summer fares, with discounts of over 40%, indicate the likelihood that yield pressure extended through to the peak period. The analysts added they do not expect strong dividend payments to continue, after the LCC announced a dividend payment of 10% of share capital for 2009. According to HC, this is holding Air Arabia’s share price up at present.
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Selected African and Middle Eastern airlines share price movements (% change): 29-Mar-2010