Wing and a prayer

24 October 2003 By Fiona Maharg-Bravo

The sector seems to have rebounded on hopes that rationalisation is finally underway. That may be an overoptimistic assessment of recent events.

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The European airline sector has outperformed the FT Eurotop 300 index by 20% since its lows of March. The share prices of KLM, Air France and British Airways have all doubled over the past six months, while Lufthansa and Alitalia are up by 80% and 40%, respectively.

Around 40% of the sector's gains over the past six months have been racked up since August, when speculation started to mount about possible bids for KLM and Swiss International. Swiss joined the Oneworld alliance at the end of September and Air France agreed to merge with KLM earlier this month.

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