Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Qantas report A$235M Net Loss and to axe 5000 jobs

Qantas report A$235M Net Loss and to axe 5000 jobs

By Chay Flack (Equities Dealer, CMC Markets Stockbroking)

The Dow Jones has added 18.75 points overnight and the S&P500 has closed flat adding 0.04 of a point. US New homes sales increased to the highest level since 2009 at 468,000 seasonally adjusted rate, causing stocks to erase earlier intra-session losses on the S&P.

The S&P500 is hovering around its all-time highs but was unable to close above its closing high set earlier in the week, missing by just 3.14 points.

Qantas have reported this morning that they have made a A$235M Net loss, will axe 5000 jobs and defer the remaining A380 and 787-8 orders. The attempt to rein in costs is a good sign however the stock is encountering some early selling this morning with anticipation at fever pitch and a strong rally in recent days

Our futures market is pointing down 15 points as we near the end of reporting season and a number of companies are Ex Dividend (Aurizon Holdings, Fortescue Metals Group, Fairfax Media Ltd, Toll Holdings).

Last week I made the call that strong earnings were priced into the market and I was expecting a fall in the ASX 200. I was wrong to the tune of 100 points as the Australian market establishes new highs since 2008. I still think the weakness is there and short term downside risk is a concern, however investor optimism could see this rally continue.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news