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Comair only gainer of the day; 1time and Royal Jordanian down with markets

Analysis

The majority of African and Middle Eastern carriers' shares were down on Friday (16-Apr-2010), with Comair (+2.3%) the only carrier to make gains, after finalising plans on Thursday to open its rights offer on 03-May-2010.

Summary
  • Comair was the only African and Middle Eastern carrier to experience gains in share prices.
  • 1time Holdings suffered the largest decline in share prices.
  • Kenya Airways faced significant financial losses due to flight cancellations caused by volcanic ash.
  • Royal Jordanian and Jazeera Airways experienced declines in share prices in the Middle East.
  • The Centre for Asia Pacific Aviation launched a new strategic business information service covering the Middle East and Africa.
  • The article provides a link for readers to sign up for the free service.

Elsewhere in Africa, 1time Holdings (-2.6%) took the day's biggest fall, as South Africa's JSE (-1.7%) followed global markets lower.

Kenya Airways (-0.8%) was also down. The carrier was reportedly losing approximately USD999,000 per day over the weekend after being forced to cancel flights to and from Europe (Amsterdam, London and Paris) due to the continued closure of European airspace, as volcanic ash continued to threaten the safety of airline operations. See related reports:

In the Middle East, Royal Jordanian (-1.0%) fell with the Amman Stock Exchange (-0.3%). Jazeera Airways (-1.0%) was also down, while Air Arabia (-0.1%) was flat.

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Selected African and Middle Eastern airlines share price movements (% change): 16-Apr-2010

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