FRANKFURT (dpa-AFX) - Lufthansa shares extended their gains on Wednesday afternoon. At a peak of 9.24 euros, they reached their highest level since August 2021, thus also closing the gap in the share price created at that time. Most recently, they were the best performer in the MDax mid-cap index, gaining 4.7 percent to 9.22 euros. Since the beginning of the year, the share price has now gained almost 19 percent. The European travel and leisure sector was also firm at midweek, up 1.1 percent.

It was boosted by strong annual financial statements from U.S. carrier United Airlines, which significantly exceeded profit expectations and benefited from the recovery in travel. In addition to Lufthansa, shares in other airline groups such as Air France-KLM and IAG therefore also rose significantly, both most recently by around three and a half percent each.

According to a trader, analysts are also expecting good figures from airport operator Fraport, which, according to him, should also give Lufthansa further tailwind. Fraport shares recorded a price increase of 3.4 percent in the afternoon.

At United Airlines, market expert Andreas Lipkow also pointed out that the recent high kerosene prices had not hurt as much as feared and that the overall increase in costs could be compensated by higher passenger volumes. According to the stock market expert, this could then also be applied to Lufthansa to a large extent.

In view of the recent increase in the price of Lufthansa shares, the possible takeover of the Italian airline Ita Airways does not play a role for the time being, according to market participants. The German airline is expected to submit a bid for Ita before the end of Wednesday. A purchase of Ita would allow Lufthansa to expand its lucrative transatlantic business, as Italy is considered one of the most popular gateways for travelers from the U.S. to Europe./ajx/stw/jha/