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.

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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

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