NewsBreak: Europe Airlines Surge at Open on Thomas Cook Collapse
Investing.com
Published Sep 23, 2019 03:12AM ET
Updated Sep 23, 2019 03:30AM ET
Investing.com -- European stock markets opened mostly lower, overshadowed by the collapse of U.K. travel group Thomas Cook and another rise in oil prices due to lingering geopolitical concerns.
Travel groups in focus included German-listed Tui (DE:TUIGn), which rose 7.2% on the prospect of higher margins due to less competition. EasyJet (LON:EZJ) rose 4.9% while Ryanair (LON:RYA) rose 3.9% on similar perceptions, while U.K.-based online travel agent On The Beach Group (LON:OTB) rose 1.2% after saying it would take an unspecified hit to profits in the current fiscal year from Thomas Cook’s collapse. It had already fallen by a quarter in August.
- STOXX 600 -0.2% at 392.36 at 3:15 AM ET;
- FTSE 100 up 0.2%, DAX -0.3%
- CAC 40 -0.2%
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Written By: Investing.com
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