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Good day for LCC shares despite surging oil price

LCC shares around the world rose strongly yesterday, led by South America’s GOL (+7.3%), despite a 4.3% (USD3 per barrel) surge in the price of oil to USD74.55 on the New York Mercantile Exchange.

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AirAsia gained 5.4%, while Virgin Blue was flat, though the Australian airline’s shares have slumped today as it published a fresh profit warning.

Selected LCCs daily share price movements (% change): 27-May-2010