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SAirGroup shares come under heavy pressure

SAirGroup's shares had another rough ride on Friday

(Keystone Archive)

Shares in the troubled SAirGroup took a plunge on Friday, after rumours circulated that the company had made greater losses last year than had originally been expected.

Shares in the company, which is due to announce its long-awaited financial figures at a news conference in Zurich on Monday, plunged by more than eight per cent during the course of the day.

Market players believe that there are some people who know "something more" than others, ahead of the scheduled meeting. Figures showing that the group's Belgian partner airline, Sabena, had made heavy losses added to the downward trend.

One trader said that rumours were circulating that the SAirGroup losses could be even higher than the present "worst case" scenario. However, no clear details have emerged.

As a result of the insecurity about the real state of the financial position, there were hardly any buyers for group shares on the Swiss stock exchange in Zurich on Friday.

Analysts have been estimating that the losses could be between SFr2.2 billion and SFr2.7 billion.

swissinfo with agencies


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