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%.