FRANKFURT (dpa-AFX) - The insolvency of a competitor boosted Tui shares on Monday. At the end of the previous week, the share price was still approaching the previous low since the beginning of March, but now the share price rose by 6.5 percent and reached its highest level since mid-May. However, the April level of up to 8 euros remains out of sight.

The share probably benefited on Monday from the fact that the travel group FTI, an important German competitor, filed for insolvency and its future trips were canceled. Tui was able to benefit from this with additional demand. While FTI is still struggling with the consequences of the corona crisis and announced that it will no longer be able to bridge the time until an investor process is completed, the Hanover-based company has repaid the state funds with fresh money.

In a few days, it could also become certain that Tui will soon return to the German MDax index after the travel group's main listing returned to the Frankfurt Stock Exchange. The next index changes will be announced on Wednesday and will come into effect on Monday, June 24./tih/jha/