Zurich Airport investors like what they see at Geneva, Fraport eases – Share Wrap
Zurich Airport's shares lifted 8% yesterday as smaller rival Geneva Airport (one of the earliest in Europe to disclose its monthly traffic) reported just a 0.5% reduction in passenger numbers in Apr-2009, to 983,761, following a steep 15.4% reduction in Mar-2009. However, the reduction in aircraft movements at Geneva widened to -9.5% (from -7.3% in Mar-2009), signalling airlines are striving to improve their load factors to regain pricing traction.
Geneva's improved performance, supported by the timing of Easter in April this year, augurs well for Zurich - or so investors believe.
Elsewhere, Fraport shares eased 1.2%, despite comments to TREND by CEO, Wilhelm Bender, that he was encouraged by Apr-2009 traffic data (to be released shortly) and that passenger nervousness over the swine flu outbreak was "marginal". Frankfurt Airport reported a 9.2% reduction in passenger numbers in Mar-2009.
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Selected airports daily share price movements (% change): 05-May-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance