Norwegian sell-off intensifies - share wrap

Shares in fast-growing Norwegian Air Shuttle are sinking, as investors worry about the state of the airline's finances. The carrier's shares fell 11.1% yesterday (following a 9.5% fall on Friday), as it unveiled a EUR17.1 million net loss for the three months ended 31-Dec-08, despite an 11% increase in passenger numbers in the period.

Yields were under considerable pressure in Scandinavia even prior to the onset of the global financial crisis and economic downturn.

Elsewhere, SkyEurope shares soared 13.3%, although the reasons for the leap are not immediately apparent.

European selected airlines daily share price movements (% change): 23-Feb-09