Australia’s aviation industry continued its fightback on Tuesday despite states enforcing more stringent border restrictions, and the UK going into effective lockdown.
Qantas shares finished up 7 per cent to close on $2.59, Virgin Australia up nearly 13 per cent to $0.062 and Sydney Airports held firm at $4.99. At one point last week, Qantas bottomed out at just $2.03.
The strong performance came despite Tasmania and Queensland earlier announcing further restricted entry through their borders, allowing Australians in only if their travel is essential.
Tasmania stated it would actively turn people away rather than simply asking citizens from other states and territories to self-isolate for 14 days. Queensland followed just hours later, with Premier Annastacia Palaszczuk saying it doesn’t have the resources to enforce quarantines.
NSW and Victoria have both stood firm and refused to close their borders, despite forcing the Prime Minister into more strict social distancing measures on Sunday evening.
Overall, the S&P/ASX 200 gained 190 points to close 4.2 per cent higher on Tuesday, at 4735.7 points.
There could be more good news if, as expected, the White House’s trillion-dollar economic package is approved in the US.