Rolls-Royce shares gain as Cathay Pacific probes engine part failure

Investing.com -- Shares in Rolls-Royce (LON:RR ) edged higher on Tuesday, erasing some of the losses posted in the prior session that were sparked by Cathay Pacific Airways revealing an engine part failure on one of its long-haul planes.

Hong Kong-based Cathay Pacific has said that it would carry out a fleet-wide inspection of its Airbus A350 aircraft following the detection of an in-flight issue with one of its engine components.

On Monday, the carrier canceled at least 34 flights.

U.K.-based Rolls-Royce is the only provider of engines for the A350 line of planes. Paris-listed shares in jetmaking giant Airbus (EPA:AIR ) inched down by 0.2%.

Cathay Pacific has yet to specify what engine part is being examined. In a news release, the company has said that the maintenance activity is "progressing well."

"Our engineering team have thoroughly inspected our fleet of operational A350 aircraft within 24 hours. In total, we have identified 15 aircraft with affected engine components that require replacement and three have already gone through successful repairs," Cathay Pacific said.

It added that all affected aircraft will resume operations by Saturday.

Source: Investing.com