Singapore Airlines up, Qantas steady, Cathay Pacific and Japan Airlines lower, Virgin Blue tumbles
Singapore Airlines' shares rose 4.4% yesterday, with investors reacting positively to the carrier's continued interest in consolidation within the industry. The carrier has singled out India as a market of interest, with SIA adding that it remains interested in China in the long-term, but "not at this point of time".
Meanwhile, shares in rival Cathay Pacific were down 0.8% yesterday. The carrier's CEO stated that any recovery in demand for air travel will be a long-term effort and a quick turn around should not be expected due to the present "toxic" situation.
Japan Airlines shares also eased, by 1.1%. The Tokyo-based carrier has announced plans to reduce international capacity by approximately 10% in FY2010. CEO, Haruka Nishimatsu, also stated the carrier remains undecided as to whether it would accept a JPY100 billion (USD1.0 billion) government emergency loan.
In the Australian market, Virgin Blue shares were down 4.6% after the long weekend break, while Qantas shares remained steady. CEO, Alan Joyce, yesterday admitting that the carrier's long-haul operations are "losing money" with a recovery unlikely to occur until towards the end of 2010.
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Asia Pacific selected airlines daily share price movements (% change): 09-Jun-09
