Qantas shares plunge on Madrid attacks
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Qantas shares plunge on Madrid attacks
AAP
Qantas shares plunge on Madrid attacks
March 12, 2004 - 4:06PM
Qantas shares have plunged four per cent in heavy trade after news of terrorist attacks on commuter trains in Madrid.
The bombings at three rail stations left 192 people dead and more than 1,240 injured.
Share markets across the world, including in Australia, lost ground as fears Osama bin Laden's militant Islamist al Qaeda was responsible drove investors from the market.
By 1154 AEDT, Qantas shares were down 15 cents or 4.2 per cent to $3.42, their lowest since February.
Other travel stocks were also affected, with Virgin Blue shares down five cents to $2.47 and Flight Centre stocks losing 35 cents to $18.30 by 1202 AEDT.
AMB AMRO Morgans equities director Bill Chatterton said Qantas' fall was because of the terrorist attacks in combination with the weakening Australian dollar.
"Whenever you have one of these terrorist attacks of one kind or another, certainly the airlines respond negatively to it," he said.
"The other thing that might have affected it a bit is the Aussie dollar weakened again overnight.
"One of the main costs for Qantas is obviously their fuel costs, and if the Aussie dollar is higher, well then obviously they can buy more fuel with it.
"It's probably a combination of those two influences this morning.
"The influence is probably more that terrorist attack than the Aussie dollar but the Aussie dollar is important too and maybe there's a combination of those two things working here."
©2003 AAP
=============================================
Qantas shares plunge on Madrid attacks
March 12, 2004 - 4:06PM
Qantas shares have plunged four per cent in heavy trade after news of terrorist attacks on commuter trains in Madrid.
The bombings at three rail stations left 192 people dead and more than 1,240 injured.
Share markets across the world, including in Australia, lost ground as fears Osama bin Laden's militant Islamist al Qaeda was responsible drove investors from the market.
By 1154 AEDT, Qantas shares were down 15 cents or 4.2 per cent to $3.42, their lowest since February.
Other travel stocks were also affected, with Virgin Blue shares down five cents to $2.47 and Flight Centre stocks losing 35 cents to $18.30 by 1202 AEDT.
AMB AMRO Morgans equities director Bill Chatterton said Qantas' fall was because of the terrorist attacks in combination with the weakening Australian dollar.
"Whenever you have one of these terrorist attacks of one kind or another, certainly the airlines respond negatively to it," he said.
"The other thing that might have affected it a bit is the Aussie dollar weakened again overnight.
"One of the main costs for Qantas is obviously their fuel costs, and if the Aussie dollar is higher, well then obviously they can buy more fuel with it.
"It's probably a combination of those two influences this morning.
"The influence is probably more that terrorist attack than the Aussie dollar but the Aussie dollar is important too and maybe there's a combination of those two things working here."
©2003 AAP
=============================================
