Shares in European major carriers Air France-KLM, Lufthansa and British Airways jumped 5.1%, 3.7% and 3.6%, respectively yesterday, while easyJet (+2.3%) and Ryanair (+1.7%) were also stronger, reflecting a good day on European equity markets.
Investors got behind the European majors as Air France-KLM announced an operating loss of EUR574 million in its fiscal fourth quarter (ended 31-Mar-09) – an ugly result, but seemingly better than analyst expectations. British Airways is scheduled to report its earnings on 22-May-09.
Elsewhere, SAS was down 0.2%, as RBS reiterated its 'sell' rating on the stock after the recent rights issue. RBS also lowered its target price to SKR3.50, noting that while gearing levels have improved, "the renewed focus on business travel will expose SAS to weak current trading".
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Europe selected airlines daily share price movements (% change): 19-May-09