Qantas, Singapore Airlines, Cathay Pacific shares jump, Japan Airlines steady – Share Wrap
Shares in Qantas surged 4.7% yesterday, as the carrier disclosed new agreements to increase its presence in Singapore. A new interline agreement was reached with Singapore-based unit Jetstar Asia for services over the Southeast Asian hub from 01-Aug-2009. Jetstar Asia CEO, Chong Phit Lian, stated, “this agreement provides both Jetstar and Qantas Group airlines with further opportunities to support an expanding pan-Asian network with renewed reach into new customer markets”. Qantas earmarked further expansion in Singapore at its recent half-year results conference.
Qantas meanwhile announced the expansion of another partnership, with Japan Airlines, as documented yesterday in Asia Pacific Airline Daily, to cover services between Australia and Japan via Singapore. Codeshare services from Adelaide, Melbourne and Perth to Osaka and Tokyo via Singapore would commence on 01-Jun-2009.
Investors in Singapore Airlines shrugged off the news, sending SIA’s shares up 2.2% yesterday. Hong Kong-based rival, Cathay Pacific, also had a good day, rising 3.6%.
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Asia Pacific selected airlines daily share price movements (% change): 19-May-09