As Wall Street’s biggest ever drop filters across the world’s stock markets, Australian and New Zealand airlines are mostly buffeted by the same winds. But the impact has not been identical. Air NZ has shed nearly 4%, while Qantas has lost 3%.
Tightly held Virgin Australia appears unmoved by the damage, while regional carrier Rex has lost 1.6% of market cap.
Airlines are typically hit when economic conditions cool, but with solid fundamentals in Australia and New Zealand, the impact should not be sustained – unless Wall Street continues its slide.
Overall the market is down a little over 2%, mid-morning.