Expedia up on booking policy shift, Embraer stronger on Brazilian outlook - Share Wrap
Embraer's share price recovery appears to be back on track after a midweek blip last week, with the Brazilian manufacturer's shares rising 4.3% on Friday. The strong rise seen by the regional and business jet specialist was mostly due to the renewed confidence in Brazilian markets, with the real hitting an eight-month high.
The surge was not shared by the larger aircraft manufacturers. Boeing was up 1.2%, after expressing confidence in the outlook for the Asia Pacific defence market, while Airbus' parent, EADS, was down 1.4%. The European aerospace company denied on Friday that it has held talks concerning acquiring a stake in Korea Aerospace Industries, which manufactures military aircraft and wings for Airbus.
Engine manufacturers Rolls-Royce and MTU Aero Engines were stronger, up 2.7% and 3.0% respectively.
The big winner on Friday was Expedia, up 8.9%. The online travel agency announced mid last week that it was making permanent a policy of not charging booking fees for airfares. Meanwhile, competitor Orbitz Worldwide announced its intention to cooperate with a US Senate investigation into online credit charges and internet marketing practices.
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Selected aviation suppliers' daily share price movements (% change): 29-May-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance