Lufthansa, British Airways and Air France-KLM rise, Greek ATM strike, SkyEurope gains altitude
Shares in Lufthansa, British Airways and Air France-KLM advanced 0.8%, 1.2% and 2.5% yesterday, respectively, but only Air France-KLM outperformed its local index. Lufthansa announced (24-Jun-09) plans to increase fuel surcharges on most services, effective 02-Jul-09 - a bold step given current economic conditions.
Lufthansa Cargo confirmed plans to raise its fuel surcharge to EUR0.65/kg, effective 06-Jul-2009, reflecting higher fuel prices. Lufthansa Cargo reduced its fuel surcharge to EUR0.60 on 09-Mar-2009.
British Airways announced further adjustments to its Gatwick schedule this Winter, adding services to Bermuda (from five to six frequencies per week), Barbados (from nine to ten) and St Lucia and Port of Spain (from three to five), while services to Alicante, Palma, Malta, Madrid, Barcelona and Krakow will be suspended.
Another work stoppage by Greek air traffic controllers today (25-Jun-2009) will see Olympic and Aegean Airlines cancel 43 flights including several to international destinations. Aegean’s shares rose 1.5% yesterday.
SkyEurope’s shares advanced a further 17.7% yesterday. Over the past two trading days it has almost clawed back Monday’s 34% fall as the loss-making carrier announced it is seeking creditor protection as it restructures.
Europe selected airlines daily share price movements (% change): 24-Jun-09