US airline stocks generally gained ground in trading on Thursday, in line with the broader market, which was boosted by US Department of Commerce data showing the US economy (Real GDP) increased by 3.5% in 3Q2009, after decreasing 0.7% in 2Q2009 - for the first increase since 2Q2008.
US Quarter-to-Quarter Growth in Real GDP: 4Q2005 to 3Q2009
In South America, GOL’s shares jumped 8.6% on Thursday, as the benchmark Bovespa index posted its biggest one-day jump since 04-May-2009, surging 5.9%, partially negating an almost 7% cumulative loss over the previous two sessions.
Turkey’s Pegasus Airlines to conduct IPO in 2H2010
Also in Europe, Ryanair and easyJet were up by 0.4% and 1.7%, respectively.
Among the non-listed European LCCs, Turkish LCC, Pegasus Airlines, announced plans to list 24-30% of its share on the Istanbul Stock Exchange in 3Q2010 or 4Q2010.
The funds will help the airline expand its fleet of 24 aircraft to 41 by 2015. The carrier added that it expects to report a profit of EUR17 million in 2009, increasing to approximately EUR40 million in 2010, if oil prices remain at current levels.
Selected LCCs daily share price movements (% change): 29-Oct-09