Qantas shares took off again this morning, jumping 10% on opening an d breaking through the $2 mark for the first time in three years.
Last week the airline’s stock added 10% in value following a sharp drop in oil prices.
The airline is a big beneficiary of lower oil prices.
Some estimates give Qantas an extra $36 million before tax profit for every $1 a barrel fall in the price of oil.
Qantas still isn’t paying dividends and is in the middle of a $2 billion cost saving program which will see 5,000 jobs go.
However, the airline says it expects to return to profitability this quarter.
Qantas shares have gained almost 60% since mid October.
In late trade the shares were $2.03, up 5.73%.