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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news