NY-listed LCCs strengthen; Virgin Blue upgraded
LCCs ended mixed on Wednesday 17-Nov-2010 after a choppy day’s trade across most major markets. NY-listed LCCs edged higher while those in the Asia Pacific region ended lower. Lingering concerns about news out of Ireland and China is keeping investors cautious.
Virgin Blue and Cebu Air fall on upgrade
Cebu Air was rated “buy” with a 12-month share price estimate of PHP160 by Citigroup. JPMorgan has assigned the stock an “overweight” rating with a price estimate of PHP145. Cebu fell 3.2% yesterday to PHP120.10.
SpiceJet falls 4.2%
India’s SpiceJet was the day’s sharpest loser, falling 4.2%. The carrier has recently announced a major reshuffle of senior management following Kalanithi Maran’s acquisition of 38% of the airline’s stock. Mr Maran is the LCC's chairman.
Selected LCCs daily share price movements (% change): 17-Nov-2010