US airline shares dive as OPEC maintains output
Oil prices rose again on Wednesday as OPEC announced it will maintain its current oil production quotas, against expectations it would lift output by 1-2 million barrels per day. Shares in US carriers were down significantly, with Republic Airways stock down 4%.
Shares in Hawaiian Airlines were flat. The carrier reported that May-2011 traffic rose 7.7% year-on-year, although load factors eased 1 ppt to 84.5%.
Latin American shares were generally lower as well, with GOL losing 3.7%, Copa Airlines down 1.8% and TAM finishing trading down 1.2%. Copa Holdings reported the following traffic highlights in May-2011:
- Passenger traffic (RPMs): +29.2% year-on-year;
- International: +33.5%;
- Domestic: -6.1%;
- Passenger load factor: 76.3%, +3.6 ppts;
- International: 76.7%, +3.3 ppts;
- Domestic: 72.3%, +4.5 ppts.
Selected AAD daily share price movements (% change): 08-Jun-2011