Lufthansa and British Airways lead the airline market upwards on Monday

As most of Europe’s bourses climbed around 10% on Monday, airline stocks mostly straggled upwards. Lufthansa and British Airways were the best performers, up 8.9% and 8.2% respectively.

The effect was the result of a strong Wall Street close on Friday, together with the US' bailout of Citigroup and the UK Chancellor's Monday announcement that, in today's "extraordinary, challenging times for the global economy", he would reduce VAT by 2.5%.

But not everyone gained. Finnair, Iberia and Aer Lingus were all slightly negative, despite the strong upward trend of the market - for the FTSE the largest in its history.

European selected airlines daily share price movements (% change): 24-Nov-08