Lufthansa shares up despite strikes

<p>Thousands of flights are being cancelled by German airline Lufthansa.</p>

The share price of German airline Lufthansa is up this morning (April 2nd), despite the company announcing thousands of flights scheduled to take place this week are to be cancelled.

Hundreds of thousands of passengers are expected to be affected by the cancellations, which are due to three days of strike action by pilots, who are unhappy with working conditions and pay.

"A strike of three consecutive days would be one of the biggest walkouts in Lufthansa's history," the company said in a statement.

The pilots' union, Vereinigung Cockpit, has been in discussions with the airline for several months, but has called the strike action due to a lack of progress, reports BBC News.

It is claimed by the union Lufthansa failed to make a "negotiable offer" during the two years of pay negotiations between the organisations.

By 09:37 BST, the share price of the German airline was 1.42 per cent up compared to the start of the day's trading on the Xetra, but these gains had slipped to 0.62 per cent by 11:19 BST.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.