New routes lift Aegean share price

Shares in Aegean Airlines advanced 0.62 percent yesterday, outperforming the broader market, after news the company plans to expand its European routes next year. Stocks in Aegean Airlines, Greece’s largest private carrier, ended at 3.26 euros after reaching an intrasession high of 3.32 euros. The Athens Exchange’s benchmark general index slipped 0.20 percent. The airline said on Tuesday it will add flights to Brussels, Berlin, Barcelona, Vienna and Venice by next summer on new Airbus A320/321 aircraft. The new destinations will complement its recently launched service to Paris, London and Dusseldorf. «Overall, the news is positive, as we have penciled in to our model only two new destinations in the summer and one in the winter of 2009,» said Proton Research in a note. «On the other hand, demand slowdown still poses a major risk for Aegean.» The carrier has also signed a cooperation agreement with Brussels Airlines under which Aegean and Brussels Airlines customers will have access to the Athens-Brussels route of both airlines.

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