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SkyEurope and Austrian bounce back, Vueling deflates - European share wrap

Investors welcomed Vueling's merger approval by the Clickair Board by slashing the carrier's shares by 4.9% yesterday. Vueling's shares are still up 23% this year. The merger euphoria may be being replaced with reflections on the harsh realities facing the airline in the midst of Europe's worst post-War economic downturn.

Meanwhile, SkyEurope and Austrian Airlines - carriers that have been beaten down this year - staged somewhat of a comeback, rising 6.7% and 7.1%, respectively.

SkyEurope's shares have fallen by a third this year.

European selected airlines daily share price movements (% change): 19-Feb-09