AIR NZ effect
A report from New Zealand says that it’s great to see a soaring local stock impacting on valuations in Australia.
It says that Australian commentators seem to have noticed that Air NZ’s stellar run is making the Macquarie-led consortium’s bid for Qantas look a bit ordinary, with The Sydney Morning Herald this week noting that Qantas shares had risen 28% since rumours of the private equity bid began to circulate last November, but Air NZ shares have doubled in the same period, the paper notes.
Ironically, it was the takeover bid for Qantas that was originally tipped one of the reasons for the resurrection in Air NZ’s market value, but a strong operational performance combined with some relief on the fuel price front seem to have left that theory back on the tarmac.
In fact Air NZ has now risen 158% since it bottomed out at $1.08 last August with shares closing up 12c at $2.79 yesterday.
Report by The Mole from reports in NZ
John Alwyn-Jones
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