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Kenya Airways gains on bilateral agreement with Singapore; 1time holdings also up

Kenya Airways (+9.1%) made strong gains on Tuesday (19-Dec-2009), after Singapore and Kenyan governments signed an Air Services Agreement (ASA).

Under the agreement, air carriers from Singapore and Kenya have the flexibility to operate any number of air services between and beyond both countries, albeit with some restrictions on passenger services by Singapore carriers between Kenya and selected third countries.

1time Holdings (+5.6%) also gained. South Africa’s largest private money manager, Old Mutual Investment Group South Africa, stated during trading that it expects local stocks to return 6.5% after inflation per year over the next five years. South African stocks have gained 1.1% so far in Jan-2010.

In the Middle East, Air Arabia (+0.0%) was flat, while Kuwait National Airways (-1.8%) shares dropped.

Selected African and Middle Eastern airlines share price movements (% change): 19-Jan-2010