Qantas share price lifts despite airport mayhem

A group of travellers run excitedly to the airport gate.A group of travellers run excitedly to the airport gate.

The Qantas Airways Limited (ASX: QAN) share price had a strong day on the market today.

At close of trade on Monday, Qantas shares finished at $4.64, a 1.75% gain.

So what was behind the airline’s positive movement on the boards today?

What’s going on at Qantas?

The Qantas share price outperformed its fellow ASX 200 travel shares today. The Webjet Limited (ASX: WEB) share price descended 2.33% on Monday, while Flight Centre Travel Group Ltd (ASX: FLT) shares ended the day 0.93% in the red.

Today’s rise comes despite multiple flight cancellations. More than 21 flights were scrapped in Sydney on Monday.

This followed thousands of travellers being stranded on the tarmac on Sunday due to a “major computer glitch,” the Daily Mail reported.

Qantas said the problem was only “minor” and has now been fixed, Nine News reported. Today reporter Christine Ahern said in a tweet:

More chaos at Qantas after yesterdays IT glitch caused delays. The security line snaking back almost to international terminal at Melbourne airport.

However, New Zealand’s international border reopening last night could have been what saved the Qantas share price. Borders opened at 11:59pm last night.

Commenting on the news, New Zealand tourism minister Stuart Nash said:

Today’s change in border settings marks the final milestone for our reconnecting strategy.

Share price snapshot

The Qantas share price has lost more than 7% year to date. Though it has climbed 1% in the past year.

Qantas has a market capitalisation of nearly $8.8 billion based on the current share price.

The post Qantas share price lifts despite airport mayhem appeared first on The Motley Fool Australia.

Should you invest $1,000 in Qantas Airways Limited right now?

Before you consider Qantas Airways Limited, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Qantas Airways Limited wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Monica O’Shea 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/AbOGVad

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s