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Virgin Australia shares lift with SIA deal, Malaysia Airlines falls after oneworld announcement

Virgin Australia's share price gained as much as 5.3% in early trade in Sydney today following the announcement of its long-term strategic partnership with Singapore Airlines.

See related report: Virgin Australia and Singapore Airlines to change the balance of power with long-term alliance

Meanwhile, Malaysia Airlines failed to gain a lift from its announcement yesterday of plans to join the oneworld alliance, dropping a further 1.4%. Qantas, which will sponsor MAS into the alliance, dropped 3.4%.

Kingfisher Airlines gained 1.8% as Chairman Vijay Mallya stated the carrier has resumed talks with investors to raise USD300 million through global depository receipts, but did not specify a time frame for the issue.

Selected Asia Pacific daily share price movements (% change): 06-Jun-2011