What’s with the Qantas share price on Thursday?

Man sitting in a plane seat works on his laptop.Man sitting in a plane seat works on his laptop.

The S&P/ASX 200 Index (ASX: XJO) finished 1.46% lower today and Qantas Airways Ltd (ASX: QAN) was among the fallers.

The Qantas share price dropped 1.87% to close the day at $6.30.

Let’s take a look at what may have weighed on the Qantas share price today.

Broader market falls

Qantas was not the only ASX 200 travel share to slide today. The Webjet Ltd (ASX: WEB) share price descended 1.9%, while Flight Centre Travel Group Ltd (ASX: FLT) shares dropped 3.57%.

ASX 200 shares, including travel shares, plunged today following market chaos in the United States and Europe overnight.

Credit Suisse shares dived 24% after its major shareholder declined to increase its stake in the Swiss bank, as my Foolish colleague Bronwyn reported today.

This economic uncertainty weighed on most ASX 200 shares today, with eight sectors finishing in the red and only three in the green.

In other news today, Qantas today announced it will provide customers with a further 12 months to take advantage of COVID travel credits.

Travellers with credit will still need to book travel by 31 December 2023, but they will be able to complete their travel as late as December 2024.

Commenting on the news, Qantas chief customer officer Markus Svensson said:

We literally had millions of bookings that were cancelled during several waves of lockdowns and border closures. No airline had systems that were designed to manage that in a seamless way and we realise there’s been frustration for some customers as a result.

Our main goal is for everyone who has a COVID credit to be able to put it to good use, which is why we’re doing one final extension of the travel expiry date by 12 months. 

Qantas share price snapshot

The Qantas share price has surged 25% in the last year, but it has fallen nearly 3% in the past month.

Qantas has a market capitalisation of about $11.4 billion based on the current share price.

The post What’s with the Qantas share price on Thursday? appeared first on The Motley Fool Australia.

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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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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