Travel Stockwatch
UK: A bad day for airlines as Cathay news worries investors
London’s equity markets started the week in a positive frame of mind, even if it was a different story for many travel industry shares. The FTSE 100 index of leading shares gained 1.1 per cent in value, putting on 41.3 points to end the day at 3849.4, on a day when dealers were not busy and traded just 1.7 billion shares by the 6pm count.
In the travel sector, British Airways added 0.5p to close at 117.25p; no-frills carriers EasyJet and Ryanair both had better days, EasyJet gaining 2p to close at 219.75p while Ryanair also added 2p and closed at 453.5p.First Choice suffered a reverse, losing 3.5p to close at 88.5p; MyTravel lost 0.25p to end the day at 12p.
Across the world, airline shares were hit by news that Cathay Pacific is considering grounding its entire fleet because of the ongoing outbreak of Severe Acute Respiratory Syndrome (SARS). The Hong Kong carrier said at the weekend that it could be forced into action next month. According to The Times, Cathay shares dropped six per cent yesterday; Singapore Airlines stock also fell 3.5 per cent in value while shares in American Airlines were down nearly seven per cent.
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