Rival travel groups and airlines got a boost from Thomas Cook’s demise in early European trading.
Shares in the region’s leading low-cost airlines Ryanair and EasyJet were up by 2% and 5% respectively.
EasyJet is making a big push into the holiday business with the aim of selling accommodation packages to millions of people who fly with the airline but currently book hotels elsewhere.
EasyJet is also working with the UK Civil Aviation Authority to support the huge repatriation effort required to bring stranded Thomas Cook customers back to the United Kingdom.
Germany's TUI, Thomas Cook’s biggest rival tour operator, saw its shares gain more than 6% in Frankfurt.