Jet.com shares gain strongly; Air Berlin and GECAS enter sale leaseback agreement

Shares in Jet2.com parent, Dart Group, gained 7.9% yesterday, following significant gains throughout the month, to reach 12-month highs.

The company, earlier this week, stated Gartmore Investment Management Limited sold approximately 1.3 million shares in the company, resulting in a holding of approximately 6.4 million shares.

As at 05-Mar-2010, Gartmore was the third largest shareholder in the company, with a 9.91% stake, behind Chairman and CEO, Philip Meeson (39.9%) and Schroder Investment Management (15.52%), but ahead of JO Hambro Capital Management Limited and AXA Institutional Group (with shareholdings of 7.84% and 3.28%, respectively). The market reacted positively to the news, gaining 9.3% following the announcement on 12-Apr-2010, defying gloom in wider airline stocks over the Iceland volcanic eruption.

Dart Group share price trends: Apr-2009 to Apr-2010

In other European LCC news, Air Berlin and GECAS entered into another agreement for the sale and leaseback of four A320-200 aircraft. The aircraft will be delivered in 2010 from Air Berlin’s existing order book with Airbus, and all will be equipped with CFM56 engines.  Shares in the carrier gained 0.9% yesterday.

Meanwhile, shares in Nordic LCC, Norwegian Air Shuttle, slipped 3.2%. Ryanair was down 1.4% and easyJet was 0.3% weaker.

Selected LCCs daily share price movements (% change): 15-Apr-2010