LAN down despite reports of potential share sale; Alaska Air, Hawaiian Airlines up

The majority of North and South American carriers’ stocks were down on Thursday (18-Feb-2010), as oil prices (+1.1%) continued to move upwards, ending the day at USD78.19. The AMEX Airline Index (-0.5%) was down as a result.

The wider market meanwhile rose for its third consecutive day, with the Dow (+0.8%) up on another day of positive results for companies and gains in the manufacturing sector. However, gains were kept in check by disappointing US jobs and inflation data.

LAN down despite reports of potential share sale

LAN (-1.3%) was also down, despite a lift in Chile’s IPSA (+0.1%), recovering from losses earlier in the day. Axxion SA, Pinera’s holding company, and Inversiones Santa Cecilia SA have reportedly offered 71.8 million shares or a 21% stake in LAN Airlines to Costa Verde Aeronautica SA at CLP9,099.58 per share. Costa Verde Aeronautica SA has 20 days to respond.

United Airlines continues to slide

United Airlines (-3.3%) shares took the day’s biggest fall. The carrier announced plans to launch new Summer and year-round services linking regional and holiday destinations with its Chicago, Denver and Washington hubs, from 09-Jun-2010.

Fellow full service carriers, American Airlines (-2.4%) and Continental Airlines (-2.1%) were also down at the end of trading.

Elsewhere, Alaska Air (+3.8%) and Hawaiian Airlines (+3.2%) made the day’s biggest gains.

Oil prices gaining

Meanwhile, the International Energy Agency has again marginally increased its 2010 forecast for global oil consumption, with demand from emerging economies, particularly a resurgent China, responsible for much of the increase. See related article: IEA increases 2010 energy consumption forecast

Other stories available in today’s America Airline Daily include:

North & South America selected airlines daily share price movements (% change): 18-Feb-2010