Aircraft manufacturers Embraer (+11.8%), Boeing (+2.4%) and Airbus parent EADS (+2.0%) had a solid day as global equity markets rallied on improving economic data. Investors are optimistic the improving economy reignites demand for air travel and stems the flow of aircraft order cancellations.
However, Embraer suffered a significant blow in the crucial Chinese market this week with the halving of Hainan Airlines’ 2006 order for ERJ 145s from 50 to 25 aircraft – and a slower induction timeframe. The aircraft are assembled at Embraer’s JV at Harbin in Northern China.
Elsewhere, aircraft lessors Aercap and Aircastle had a good day, rising 9.6% and 4.4%, respectively.
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Selected aviation suppliers' daily share price movements (% change): 04-May-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance