Embraer hits two-year high

Shares in Brazilian aircraft manufacturer Embraer hit their highest point in more then two years in trading on Friday, gaining 3.1%. The growth comes despite news of cuts to the Brazilian defence budget, which have the potential to affect the company's new military transport programme.

In trading among other major aircraft manufacturers, United Aircraft Corp slipped 1.1% and EADS was down 0.6%. Bombardier and Boeing shares gained 1.1%.

Selected Aerospace daily share price movements (% change): 18-Feb-2011