Bank and mining sectors drag local shares; Qantas stocks surge

By Simon Frazer

Qantas shares surged closing 7 per cent higher, despite the airline’s $2. 8 billion loss - one of the biggest in Australian corporate history.

The local share market fell significantly on Thursday, but provided a silver lining for Qantas management under fire over the airline’s massive loss.

The bright spots were otherwise few and far between, with the mining sector among those dragging the market lower. Rio Tinto lost 1. 7 per cent and BHP Billiton lost 1. 2 per cent as the benchmark iron ore price hit its lowest level in nearly two years.

Bank and mining sectors drag down local share market; Qantas stocks surge despite $2.

Bank and mining sectors drag down local share market; Qantas stocks surge despite $2.

Its stocks gained nine cents to $1. 39 per share, with analysts pointing to the airline’s outlook and its decision to hive off its loss-making international arm for the gain.

Among the other firms reporting today, Nine Entertainment fell 3. 33 per cent and surfwear company Billabong fell 3. 6 per cent.

Read more here: ABC

    

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>