MAp down despite improving traffic, Aeroports de Paris up as FedEx expands at Charles de Gaulle


MAp's shares continued their recent descent, falling 2.8% in trading yesterday, despite the fund reporting improved traffic results across its portfolio of airports.

MAp noted Sydney Airport, its largest airport, showed solid growth in Sep-2009, attributed to a 4.2% increase in domestic passenger numbers and a 7.3% increase in international passengers, bringing total passenger growth for the month to +4.9%. According to MAp CEO, Kerrie Mather, its portfolio of European airports "have maintained the improvements made in recent months", most notably, Copenhagen Airport:

  • Passenger numbers:

Copenhagen Airport's shares gained 1.6% as the airport expects to welcome a new LCC, Germanwings, from Mar-2010. According to Ms Mather, the strong growth of LCCs at Copenhagen has seen "the traffic of Sterling more than replaced".

Big three stronger

Meanwhile, shares in Fraport, Aerorports de Paris, and Ferrovial (BAA's parent) also started the week on a positive note, gaining 0.3%, 1.4% and 1.6%, respectively. FedEx opened its expanded Express Hub facility at Paris Charles de Gaulle Airport on 19-Oct-2009. The USD158 million joint investment between FedEx and Aeroports de Paris is expected to significantly increase the facility's capacity.

See related report: Sep-2009 traffic indicates gradual traffic stabilisation at Europe's major hub airports

Other positive performers yesterday included Hainan Airport and Airports of Thailand, which gained 3.8% and 3.7%, respectively.

Selected airports daily share price movements (% change): 19-Oct-2009

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