Jazeera Airways shares rose by 8.8% on Tuesday (09-Nov-2010), the highest intra-day level since Jun-2010, after it reported an almost sixfold jump in third-quarter net profit.
Scott Darling, an analyst at Nomura, stated: “The results were well above analysts' expectations and reflect better cost management and yield improvement. The company is moving in the right direction and they are hitting profitability earlier than they said. The stock price has been hammered for the last year and squeezed by local Kuwaiti investors but now investors are saying, 'actually, Jazeera isn't bad'."
See related CAPA profile: Financial results
Mauritius’ stock index climbed to the highest in 29 months on expectations the country’s biggest lender by market value will maintain its interim dividend at last year’s level. The 37-member SEMDEX index advanced 1% to 1890.15, the highest since Jun-2008. Meanwhile, Air Mauritius shares gained slightly by 1.3%.
1time (-3.2%) shares lost the most ground on Tuesday while Lonrho (+10.5%) shares gained the most.
Selected African and Middle Eastern airlines share price movements: (% change): 09-Nov-2010