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Reuters Australia
Australia shares rise 1 pct, Qantas gains
Friday June 26, 01:26 PM
(Adds comment and detail)
MELBOURNE, June 26 (Reuters) - Australian shares rose 1 percent on Friday, given a lift by Qantas Airways Ltd (ASX: QAN.ax) after it cut aircraft orders and oil producers after crude prices firmed.
Qantas gained as much as 2.8 percent to A$2.03 after the country's top airline said it had cancelled orders for 15 Boeing Co BA.N Dreamliner aircraft and deferred delivery of 15 more in a move that will save the company $3 billion. [ID:nSYD514963]
The benchmark S&P/ASX 200 .AXJO rose 37.7 points to 3,893.7 by 0106 GMT, moving back towards the level it started the week at after dropping 3.1 percent on Tuesday.
"The tone of the market is reasonable, people are prepared to buy on the dips ... but it is also hard to see the market roaring ahead," said David Spry, research manager at FW Holst.
New Zealand's benchmark NZX 50 index .NZ50 rose 1.9 points, or 0.1 percent, to 2,772.6. The index pared earlier gains after data showed the nation's economy contracted for a fifth straight quarter in the three months ended March. [ID:nWEL394407]
STOCKS ON THE MOVE
* Caltex Australia Ltd (ASX: CTX.ax) shares rose 5.4 percent to A$13.39 after the oil refiner flagged a rise of at least 38 percent in first-half operating profit. [ID:nSYD461487]
0115 GMT
* Woodside Petroleum Ltd (ASX: WPL.ax) rose 1.4 percent to A$42.62 and Santos Ltd (ASX: STO.ax) advanced 2.1 percent to A$14.45 after oil prices rose sharply to above $70 a barrel. [ID:nSP191786]
0103 GMT (Reporting by Simone Giuliani)
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