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UK budget airline shares rise after Monarch's demise

Shares in budget carriers EasyJet and Ryanair spiked upwards following the demise of UK leisure operator Monarch Airlines.

Both carriers' stock prices rose by around 5% on 2 October as Monarch entered administration.

Monarch had been competing with the operators on the short-haul market in Europe. The carrier had attributed its collapse partly to overcapacity on key routes.

Shares in British Airways parent, IAG, which also has a strong European short-haul network – including that served by Spanish budget operator Vueling – rose by around 2.2%.

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