‘Phenomenal’ points auction fails to ignite Qantas (ASX:QAN) share price

The Qantas Airways Limited (ASX: QAN) share price is struggling lately despite the start of the airline’s second ‘Points Auction’.

Sadly, the excitement surrounding the auction hasn’t been enough to boost the Qantas share price.

At the time of writing, it is $4.90, 1% lower than its previous close. The company’s stock also slumped 2.1% yesterday amid the first hammer’s fall.

Broader market suffers

However, the dip isn’t exclusive to Qantas. The S&P/ASX 200 Index (ASX: XJO) fell 0.6% yesterday and is currently down 0.3% today.  

Additionally, most ASX 200 travel stocks are in the red amid the continued outbreak of the Omicron COVID-19 variant.

New South Wales Health announced it had identified a sixth case of Omicron yesterday, while the Northern Territory has recorded one instance of the variant.

The Webjet Limited (ASX: WEB) share price fell yesterday and is down another 1.2% today. The Flight Centre Travel Group Ltd (ASX: FLT) share price is also on its second day in the red, sporting a 1% drop.

Let’s take a closer look at the latest happenings at the flying kangaroo.

Points auction hasn’t inspired the Qantas share price

Qantas’ second online points auction kicked off yesterday, but it hasn’t yet managed to boost interest in the airline’s share price.

The auctions will see Qantas Frequent Flyers bidding for exclusive experiences or items with Frequent Flyer points.

They continue today, with another offering available for bidding every day until next Thursday. Each day sees another auction opening at 8am with hammers hitting gavels at 9pm.

Qantas Loyalty CEO Olivia Wirth said the auctions are in response to members looking to use their points differently:

The response from our first Points Auction was phenomenal. We saw tens of thousands of visitors to the auction site…

From taking to the slopes with an Olympian in Whistler, to a private dining experience prepared by Neil Perry in the First lounge, we have no doubt that these auction items will be in hot demand.

There’s something for everyone on offer, from a luxury day trip to Hamilton Island onboard a private jet to a pair of pre-loved Boeing 747 economy seats, complete with Qantas bar cart.

Yesterday, one lucky Frequent Flyer walked away with return business class flights and 4 nights’ accommodation in South Australia. They took home the trip for 900,510 Frequent Flyer points.

Today, bidders will be trying to get their hands on a return trip to London worth $40,000. There, the winner will spend 8 days in a 5-star hotel and take part in several jaw-dropping activities.

At the time of writing, today’s bidding is at 2.5 million points.

The post ‘Phenomenal’ points auction fails to ignite Qantas (ASX:QAN) share price appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• These are the ASX 200 shares that fundies have been snapping up
• What’s Jefferies saying about the Qantas (ASX:QAN) share price?
• How did ASX 200 travel shares weather the Omicron storm today?
• Here’s why the Webjet (ASX:WEB) share price is getting hammered on Friday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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