2141 GMT - Passenger movements through Auckland International Airport were solid in February but Jefferies is alert to potential turbulence from here. Total passenger volumes rose by 5.0% last month compared to a year earlier. Throughput is now at 92.2% of pre-Covid levels. "We see downside earnings risks emerging as airlines raise fares and reduce capacity in response to higher fuel prices driven by the Middle East conflict," analyst Amit Kanwatia says. Jefferies looks to Auckland International Airport's experience in 2011-2014 when fuel costs jumped. Then, volume growth was less affected as airlines continued to add capacity. "However, we expect a greater impact in the current cycle, given the New Zealand economic recovery has only recently begun," Jefferies says. It retains a hold call on Auckland International Airport. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 16, 2026 17:41 ET (21:41 GMT)

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