Not as "learned" these days,
sid, it's a few years since I specialised in airlines! But the traffic stats were a bit lacklustre - BA said they would see sales growth in the year of 5-6%, whereas we had previously been looking for 6-7% (may not sound like much, but of course the cost of flying a plane from A to B being mostly fixed, getting a little bit extra from the SLF drops straight to the profit line). On the other hand, they cut their estimate as to how much
extra they would be paying for fuel this year from £550-£600m to £450m - lower fuel costs, but this impact was again muted because they had "hedged" their costs (you don't honestly want me to explain the swaps market as well, do you?
). So, all in all, fairly dull, and the shares have drifted from their 450p peak - currently 444.75p.