Shares in the Australian carrier Qantas Airways, which is talking with British Airways about a merger, gained nearly ten per cent on Wednesday to help lead a weak rally across Asia Pacific stock markets.

Qantas shares closed at A$2.35 in Sydney – a gain of 4.4 per cent. They outperformed the broader Australian market. The S&P/ASX 200 index closed 0.2 per cent higher at 3,533.80.