Airport stocks have rallied on general investor optimism about an economic recovery. Equity investors have also shrugged off the impact on airlines of sharply higher oil prices (which are closing in on USD70 per barrel). Macquarie Airports has continued its recent good form since announcing the disposal of its stake in Japan Air Terminal last month. Its shares surged 7.1% yesterday and have added a further 2.7% in morning trade today.
The listed parents of Europe’s largest airports Frankfurt (Fraport), Paris (Aeroports de Paris) and London (BAA – owned by Ferrovial) put in a solid performance, rising 0.9%, 3.4% and 3.1%, respectively, yesterday. May-2009 traffic will be closely watched after April results showed Heathrow was recovering better than its main European rivals.
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Selected airports daily share price movements (% change): 01-Jun-09