The Qantas Airways Limited (ASX: QAN) share price is in the green on Wednesday, despite no price-sensitive news having been released by the company.
Though, the airline isn’t alone in its gains. It’s joined by some of its fellow S&P/ASX 200 Index (ASX: XJO) travel shares.
At the time of writing, the Qantas share price is $5.28, 2.52% higher than its previous close.
For context, the ASX 200 is also up today, having gained 0.78%.
Let’s take a closer look at the latest news from the flying kangaroo and its performance on the ASX today.
Why is the Qantas share price gaining on Wednesday?
The Qantas share price is flying high today despite no news having been released to the market.
It’s joined in the air by other ASX 200 travel giants Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB).
They are also up 1.25% and 1.78%, respectively and for no obvious reason.
However, there’s been some positive-sounding whispers from the airline’s camp recently.
While it likely hasn’t impacted its share price, Qantas has been dropping hints that seem to point towards its recovery from the COVID-19 pandemic.
On Monday, Qantas chief customer officer Stephanie Tully noted that bookings for flights between Melbourne and Los Angeles now exceed pre-COVID levels.
Previously, the airline noted bookings for iconic international destinations London and Hawaii are also above pre-COVID levels.
That same day, QantasLink CEO John Gissing recognised a “huge surge in demand for domestic tourism”.
Gissing’s comments came after the airline said last week that it expected this year’s Easter period to bring more than 110% of its pre-COVID domestic capacity.
That’s not the only news that might have drawn attention to Qantas’ stock today. Last night’s federal budget saw the fuel excise halved for the coming six months.
Of course, the prospect of a boost to Qantas’ bottom line might have initially excited the market. However, the change likely won’t impact Qantas much.
Aviation fuels are specifically exempt from the reduction.
Right now, the airline’s stock is currently 5.4% higher than it was at the start of 2022.
The post Why is the Qantas share price lifting today? appeared first on The Motley Fool Australia.
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More reading
- Expert reveals 3 ASX shares to watch following tonight’s federal budget
- Is Qantas an ASX dividend share?
- What was the highest ever Qantas share price?
- Own Qantas shares? Here’s how the airline is planning to profit from NFTs
- Is the Qantas (ASX:QAN) share price about to soar 40% higher?
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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