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“Only Ryanair can make profit with oil at USD50 a barrel”
Travel and tourism shares slumped yesterday amid negative markets. While the benchmark FTSE 100 index added 3.9 points to close at 4626.6, the FTSE 250 was more representative of the market as a whole, dropping 20.9 points to end the day at 6259.9. The biggest news came at British Airways, following a controversial prediction by the broker Cazenove. According to The Guardian’s City pages, the broker cut its targets for BA after predicting that, among airlines, only the no-frills carrier Ryanair could hope to make a profit if the price of Brent crude oil remains over USD50 per barrel for a year or more. Analyst Edward Stanford is quoted as saying that high oil prices could even reduce demand for air travel: “We believe that the impact of high oil prices on GDP, the ultimate driver of demand for air travel, is much more of a significant risk to the airline industry and could again forestall any hopes of a sustainable recovery in earnings.” BA’s shares dropped 5.5p to 200.5p, while shares in Ryanair dropped 0.79p to close at 257.27p. Alpha Airports 88p NO CHANGE BAA 566.5p UP 3p British Airways 200.5p DOWN 5.5p Carnival 2850p DOWN 1p De Vere 425.25p UP 0.25p EasyJet 122.25p DOWN 1.5p ebookers 188.5p DOWN 3.5p EuroDisney 18.5p NO CHANGE Eurotunnel 21.75p DOWN 0.25p First Choice 133.5p DOWN 1p Hilton Group 271.5p DOWN 2.5p Holidaybreak 532.5p DOWN 8p Intercontinental 653p DOWN 3.5p Lastminute.com 104p DOWN 3.25p MyTravel 4.25p DOWN 0.25p P&O 267.5p DOWN 0.5p Rank Group 292.75p UP 0.25p Ryanair 257.27p DOWN 0.79p Stagecoach 90.25p DOWN 1.25p TBI 70.5p DOWN 1.5p Report by Tim Gillett, News From Abroad Ltd
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