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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news