The Zoom2u Technologies Ltd (ASX: Z2U) share price is powering ahead during mid-afternoon trade today.

This comes as the company announced an agreement with Australian household hardware giant, Bunnings Group.

At the time of writing, shares in the innovative delivery solutions provider are up 19.51%, trading at 24.5 cents.

Zoom2u teams up with Bunnings

Investors are rallying behind the Zoom2u share price after the company expanded its service offering to Bunnings.

In today’s release, the company advised Bunnings Warehouse customers would be able to use the Zoom2u platform for local delivery of products.

The Zoom2u platform connects local independent couriers in a customer’s area for fast same-day delivery. Some of the features include a live tracking link showing the real time location, and an ETA on the delivery.

The partnership follows a successful trial of the service that ran in selected Bunnings stores across the country.

Under the terms of the non-exclusive agreement, there is no minimum volume of spend or fee commitments required at the Bunnings end. And while the agreement can’t be quantified, it’s expected provide an additional revenue stream to Zoom2u.

Zoom2u founder and CEO, Steve Orenstein welcomed the deal, saying:

I am absolutely delighted to announce this agreement. To be chosen as one of Bunnings’ last mile delivery providers is a validation of the Zoom2u Platform.

It has been a pleasure working closely with Bunnings over the past few months as they trialled the service.

Zoom2u share price summary

Despite today’s gains, the Zoom2u share price has fallen 40% in 2022. However, its shares are up 20% when looking at the past 12 months.

Zoom2u commands a market capitalisation of roughly $28.6 million based on its current share price.

The post This ASX tech company just did a deal with Bunnings, and its share price is up 20% appeared first on The Motley Fool Australia.

More reading

• 1 week in: Here’s how the ASX’s newest ETF is tracking
• Zip share price tumbles 6% as Apple Pay Later threat looms large
• Why is the GrainCorp share price racing higher today?
• Australian competition watchdog goes up against Nasdaq giant. Here’s why
• The Bank of Queensland share price just hit a 52-week low. Time to buy?

Motley Fool contributor Aaron Teboneras 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 no position in any of the stocks mentioned. 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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Last week, the ASX welcomed yet another new exchange-traded fund (ETF) to its boards. Yes, Thursday saw the float of the BetaShares Future of Food ETF (ASX: IEAT). So now that this new ETF is five trading days into its new ASX life, it might be a good time to check how it’s faring.

According to provider BetaShares, this new IEAT ETF is designed as follows:

The BetaShares Future of Food ETF (ASX: IEAT) provides a convenient, cost-effective way to access the growth potential of the ‘future of food’ revolution, a segment of the global food industry that focuses on more sustainable, humane and healthier ways to produce the food we eat.

IEAT aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of some of the world’s most innovative companies in the areas of global food production and supply. 

This ETF charges an annual management fee of 0.67% per annum. Its current top holdings include Danone SA, Archer-Daniels-Midland Co, International Flavors & Fragrances Inc, Bunge Ltd and FMC Corp. It has a fairly large weighting to the United States at 53.2% of the underlying portfolio as it currently stands. But other countries like Sweden (11.4%), Denmark (8.6%), Japan (3.3%) and Britain (2.2%) are also present.

The ASX welcomes another new ETF

IEAT tracks the Foxberry Next Generation Foods USD Net Total Return Index, which has struggled in recent years. As of 31 May, it had gone backwards by 16.55% over the preceding 12 months, but had netted a positive 4.76% per annum on average over the past five years.

So how has IEAT fared?

Well, this ETF began life at around $11.83 per unit last Thursday. By the end of its first trading day, it had slipped slightly to $11.82. But today, IEAT units are being priced at $11.87. That’s up 1.02% for the day so far, and represents a gain of 0.34% from its listing price.

But IEAT may not be the last new ETF we get from BetaShares in 2022. According to the provider, two new energy-based ETFs are coming to the ASX “soon”. These will be the BetaShares Solar ETF (ticker code to be TANN), and the BetaShares Global Uranium ETF (ticker URNM).

So lots to keep an eye out for in the ASX exchange-traded fund space over the next few months.

The post 1 week in: Here’s how the ASX’s newest ETF is tracking appeared first on The Motley Fool Australia.

More reading

• Zip share price tumbles 6% as Apple Pay Later threat looms large
• Why is the GrainCorp share price racing higher today?
• Australian competition watchdog goes up against Nasdaq giant. Here’s why
• The Bank of Queensland share price just hit a 52-week low. Time to buy?
• 3 ASX 200 shares cracking new 52-week highs on Wednesday

Motley Fool contributor Sebastian Bowen 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 no position in any of the stocks mentioned. 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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The Zip Co Ltd (ASX: ZIP) share price has continued its slide on Wednesday.

In afternoon trade, the buy now pay later (BNPL) provider’s shares dropped 6% to a new multi-year low of 61.7 cents.

Why is the Zip share price falling again?

Investors have been selling down the Zip share price this week amid concerns over the impact that Apple’s BNPL launch will have on the market.

The tech giant’s BNPL offering, named Apple Pay Later, allows users to split the cost of an Apple Pay purchase into four equal payments with no interest.

However, importantly, the service works with any merchant that already supports Apple Pay and does not require a new payments terminal. If you’re like me and use Apple Pay so much you don’t really know where your physical cards are any more, you’ll know that this means practically every payment terminal out there (I’ve yet to find one that doesn’t).

This means that the seller doesn’t even need to offer BNPL as an option to customers nor would it even necessarily know if a sale was made with the payment method. For that seller, the sale is done and the money is heading to their bank account.

And while Zip and others offer this function already with single-use virtual cards, non-integrated merchant transactions generate low margins. This could make it very hard for BNPL providers to turn a profit from a transaction if this becomes the norm and merchants start slipping off their books. Whereas Apple is already earning from each use of Apple Pay, so these low margins are manageable.

Furthermore, as Apple already has a captive audience using Apple Pay every day, it won’t be hard for it to market the service to users. Whereas Zip, Sezzle inc (ASX: SZL), and co won’t have that luxury and will be forced to continue spending big bucks to promote their services to consumers.

Overall, these are interesting times for Zip and the BNPL industry.

The post Zip share price tumbles 6% as Apple Pay Later threat looms large appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Apple and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple. 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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The GrainCorp Ltd (ASX: GNC) share price is outperforming today as the government forecasts winter crop planting to be the second highest on record.

Winter crops across the country are tipped to come in at 23.4 million hectares this year, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES). That’s only a bit below last year’s record.

This should result in winter crop production of 50.9 million tonnes, the fourth highest on record. Yield prospects are forecast to be well above 10-year averages in New South Wales and Queensland, and more modest in other states.

While investors have largely cottoned on to the solid outlook for Australia agriculture, that didn’t stop the GrainCorp share price from jumping 4.16% to $10.51 in mid-afternoon trade.

GrainCorp share price makes hay while the sun shines

This is in part because the revised forecast from ABARES is well ahead of its first estimate for the FY21 crop, according to UBS.

The broker said:

Commentary in the ABARES report is positive, noting strong rainfall supporting high moisture profiles for planting of the winter crop, and a high chance of above-median rainfall over the next 3 months.

As such, UBS upgraded GrainCorp’s earnings before interest, tax, depreciation and amortisation (EBITDA) by 12%. It also upped the company’s earnings per share estimate by 18%.

Is the GrainCorp share price a buy?

However, UBS believes the good news is largely in the GrainCorp share price as it kept its neutral recommendation on the shares.

Its 12-month price target of $10.05 is below where GrainCorp is currently trading.

Another ASX agriculture share that’s benefitting

But there may be a better way to gain leverage on the strong crop outlook. Shaw and Partners noted that ABARES’ forecast is also good news for the Elders Ltd (ASX: ELD) share price.

The broker explained:

ELD is a very well-run company delivering strong results in excellent market conditions. Whilst we do forecast a mean-reversion in these conditions from FY24 onwards, the upcoming winter cropping season, combined with the Northern Hemisphere supply issues, should result in solid earnings growth for Australian farmers over the next 12-24 months.

How the GrainCorp and Elders share prices compare

Shaw and Partners is recommending the Elder’s share price as buy with a 12-month price target of $20.

The GrainCorp share price has outperformed Elders over the past year as it more than doubled in value.

In contrast, the Elders share price gained 19% while the S&P/ASX 200 Index (ASX: XJO) declined 2%.

The post Why is the GrainCorp share price racing higher today? appeared first on The Motley Fool Australia.

More reading

• Why GrainCorp, New Hope, Tabcorp, and Woodside shares are pushing higher
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• Experts name 2 top ASX dividend shares to buy now
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Motley Fool contributor Brendon Lau has positions in Elders Limited. 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 Elders Limited. 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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Fan favourite NASDAQ-100 Index (NASDAQ: NDX) share, Airbnb Inc (NASDAQ: ABNB) is being dragged to the Federal Court by the Australian Competition and Consumer Commission (ACCC).

The competition watchdog announced it was taking legal action against the holiday letting platform, alleging it misled Australians over prices.

 Let’s take a closer look at why the Nasdaq giant is being taken to the top court of Australia.

Fan favourite Nasdaq share to hit the Federal Court

Nasdaq giant Airbnb has a US$78 billion market capitalisation and a share price of US$122.90. But not even giants escape the ACCC’s scrutiny.

The watchdog is taking the company to court on allegations it didn’t advertise the currency of its prices.

According to the ACCC, Airbnb displayed a dollar sign on its website and app without clarifying it represented US dollars not Australian dollars.

Thousands of customers were allegedly impacted between at least January 2018 and August 2021.

In the period in question, the average exchange rate between Australian dollars and US dollars was around 72 US cents. That means for a $500 booking, an Australian customer may have ended up paying almost $700.

The watchdog says on some occasions, Airbnb only revealed the price was in US dollars on the final page of the booking process, after the platform showed numerous dollar signs and once the accomodation was ‘reserved’.  

To top it off for the Nasdaq share, the ACCC claims the company continued to mislead or deceive complaining customers. It allegedly told impacted users they had opted to view US dollar values despite that often not being the case.

“Despite thousands of consumers complaining to Airbnb about the way prices were displayed, Airbnb didn’t amend its booking platform until after the ACCC raised the issue,” ACCC Chair Gina Cass-Gottlieb said, continuing:

Airbnb did not compensate many consumers who complained about this conduct …

We will be arguing that the court should order Airbnb to compensate people who were misled about the price of their accommodation.

The Airbnb share price is tumbled nearly 29% on the Nasdaq Index in 2022. For context, the Nasdaq Composite Index (NASDAQ: .IXIC) has also slumped 23%.

The Motley Fool Australia reached out to Airbnb for comment but didn’t receive a reply in time for publication.

The post Australian competition watchdog goes up against Nasdaq giant. Here’s why appeared first on The Motley Fool Australia.

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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 positions in and has recommended Airbnb, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. 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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It’s been a fairly decent day for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. After yesterday’s carnage, the ASX 200 is in the green today, up a robust 0.36% at the time of writing to back over 7,100 points. But it’s been a sadder day for the Bank of Queensland Limited (ASX: BOQ) share price.

Bank of Queensland shares have recorded a nasty 2.85% loss for the day so far. This ASX 200 bank share is currently trading at $7.16 a share. That share price happens to be right on BOQ’s new 52-week low.

To be fair, it’s been a tough day for ASX 200 banks all around. All four of the major banks are well in the red today. Commonwealth Bank of Australia (ASX: CBA) is leading the losses with a painful 4.21% plunge to pull the bank back under $100 a share.

As the Fool covered this morning, this weakness amongst the ASX 200 banking sector appears to have been driven by the Reserve Bank of Australia (RBA)’s shock 50-basis point interest rise yesterday.

But now that BOQ is at a new 52-week low, there might be some value investors out there wondering if we are seeing a buying opportunity today. Or perhaps income investors too. After all, this share price slide has boosted BOQ’s trailing dividend yield to an eye-catching and fully franked 6.14%.

Well, let’s see what one ASX broker reckons.

Is the Bank of Queensland share price a buy today?

As my Fool colleague covered just yesterday, ASX broker Morgans is eyeing off BOQ shares. Morgans currently rates Bank of Queensland as a “buy”, with a 12-month share price target of $11. That would mean an upside of more than 50% over the next year if Morgans proves accurate with its target.

Morgans is bullish on BOQ over the early successes it is seeing with its transformation program, as well as its “above-system growth” and the cost synergies from the recent ME Bank acquisition.

Not only that, but Morgans reckons BOQ is well placed to keep its dividends coming. It is anticipating dividend raises in FY2022 and again in FY2023.

No doubt existing BOQ shareholders will be very excited after reading these predictions. But only time will tell if they prove to be accurate.

In the meantime, the current BOQ share price gives the Bank of Queensland a market capitalisation of $4.64 billion. 

The post The Bank of Queensland share price just hit a 52-week low. Time to buy? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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 no position in any of the stocks mentioned. 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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Industrials and miners are leading the charge on Wednesday with both sectors outpacing the benchmark S&P/ASX 200 index (ASX: XJO)’s 55 basis point gain.

The S&P/ASX 200 Industrials index (XNJ) has spiked almost 2.5% whereas the S&P/ASX 300 metals & mining index (XMM) has clipped a 2% jump.

Amongst that group, these shares have nudged past their 52-week high’s in todays session.

Atlas Arteria (ASX: ALX)

Shares of Atlas Arteria have shot to yearly highs after the company told investors IFM Global Infrastructure Fund (IFM) has obtained an economic interest of around 15% in the company.

“IFM has indicated that it intends to request from Atlas Arteria access to certain limited company information to assess whether it can submit a non-binding indicative proposal to acquire [Atlas],” the company said.

“Atlas Arteria has not yet received any such request for information nor any proposal from IFM.”

Investors were immediately on the track and the stock shot to its intraday highs from the opening of trade, holding that line since.

After dancing around the $7 mark for the last month of trade, Atlas’ rallied to a high of $8.35 in today’s trading, currently at $8.25 on last check.

Santos Ltd (ASX: STO)

Shares of hydrocarbons giant Santos saw buyers immediately from the open and have clipped a 3% gain on the day. The current ask is $8.73 per share.

Despite no market sensitive info from the company today, Santos shares have nudged higher today in continuation with the longer term uptrend.

Shares had already booked tidy gains in reaching their 52-week highs on Monday as well, as investors continue winding up the oil and gas trade of 2022.

Brent Crude has broken out to the upside after trading sideways since April and is now priced at US$120 per barrel.

As momentum in both commodity sectors continues rallying north, it stands to reason that investors are buying into that strength with the Santos share price as well.

Aurizon Holdings Ltd (ASX: AZJ)

Shares of Aurizon have also cracked their 52-week high’s in today’s session and now rest at $4.21 apiece.

The company has seen investors buying into share price strength over the past few months, with the stock climbing from a low of $3.45 in March.

Since then the Aurizon has set a series of new highs despite no market sensitive updates on the company.

Nevertheless, broker sentiment is mixed on the company, with just 23% of brokers covering the stock saying it’s a buy, and 46% rating it a sell, according to Bloomberg data.

The consensus price target from this list is $3.70 per share, meaning the company is now trading above this valuation.

In the last 12 months, Aurizon shares have clipped an 11% gain, or a 21% gain this year to date.

The post 3 ASX 200 shares cracking new 52-week highs on Wednesday appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Boral rockets, big four banks tumble
• Atlas Arteria share price leaps 16% amid takeover speculation
• 5 things to watch on the ASX 200 on Wednesday
• Will June be a good month for the Santos share price?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Zach Bristow 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 Aurizon Holdings Limited. 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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The American West Metals Ltd (ASX: AW1) share price is soaring today amid a new discovery.

After surging to a high of 27 cents in early trading today, the company’s share price has retreated to 19 cents at the time of writing, up 22%. In comparison, the  S&P/ASX 200 Index (ASX: XJO) is climbing 0.34% today.

Let’s take a look at what could be impacting the American West share price today.

Zinc and copper intersected

Investors are buying up ASX mining share American West after the company reported its “best assay results to date”.

The mineral explorer reported high grade zinc, copper, silver and indium results at the fourth drill hole at West Desert. This project is located 160km southwest of Salt Lake City, in the US state of Utah.

Assay results showed more than 105m of zinc and copper was intersected at drill site WD22-03 within four major intervals.

This included:

• 10.82 metres (m) at 1.41% copper, 1.51% zinc, 0.23 grams per tonne (g/t) gold, 59.41g/t silver and 40.63 g/t indium from 224.63m
• 47.4m at 4.3% zinc, 0.08% copper, 0.04 g/t gold, 12 g/t silver and 34.75 g/t indium from 234.07m
• 26.52m at 8.46% zinc, 0.17% copper, 0.11g/t gold, 10.61 g/t silver and 55.63g/t indium from 313.47m
• 18.59m at 13.24% zinc, 140.96g/t indium from 367.88m.

The results will help the company provide a maiden 2012 JORC resource estimate for the West Desert project.

American West plans to report further results from more drill holes in future weeks.

What did management say?

Commenting on the news, managing director Dave O’Neill said:

We are thrilled to share the diamond drill results from WD22-03, as the program continues to define high-grade mineralisation at West Desert, substantially enhancing the resource potential.

The intersections within WD22-03 display outstanding thicknesses and grade which continue to highlight the significant scale and quality of the West Desert Deposit.

The assay results and drill hole location are strategically favourable and provide further support for potential future underground development.

Share price snapshot

The American West share price has soared 31% in the past 12 months, and has rocketed 52% in the year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has shed around 2% in a year.

American West has a market capitalisation of almost $15 million based on its current share price.

The post ‘We are thrilled’: Why this ASX mining share is flying 22% higher today appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. 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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The Titomic Ltd (ASX: TTT) share price is surging to incredible highs on Wednesday following a positive company announcement.

At the time of writing, the metal additive manufacturing company’s shares are up 19.44% to 21.5 cents.

What did Titomic announce?

Investors are driving up the Titomic share price on the back of the company’s latest collaboration.

According to its release, Titomic has signed a joint venture agreement with United Kingdom-based engineering group, Neos International.

Under the deal, Neos will provide it services in creating an advanced joint-manufacturing facility in Halesowen, England.

Notably, this will become the world’s first large-scale additive manufacturing facility to produce and sell Invar36 faceplate.

Containing 64% iron and 36% nickel, Invar is used in a variety of applications such as aircraft controls and electronic devices.

In order to build the facility, Titomic will sell a Titomic Kinetic Fusion (TKF) System to Neos for $2.4 million.

The TKF uses a supersonic cold gas dynamic spray of metal powders to create industrial-scale metal components. An Invar tooling-specific TKF includes the following benefits:

• Additive manufacture instead of subtractive manufacture of tooling from billet, which reduces material waste by 80%
• Repair of existing tools which significantly cut maintenance and replacement costs
• Reduced porosity compared to tooling manufactured by casting leading to an increased product lifespan
• Improved lead times

Commenting on the partnership agreement, Titomic managing director, Herbert Koeck said:

The Neos Titomic Joint Venture will provide world-leading Invar tooling manufacturing capability through additive manufacturing. It is the culmination of years of research and development, dedication, and focussed commercial execution.

Since late 2020, we’ve worked diligently alongside Neos to develop best-in-class technology – technology that will redefine the possibilities for tooling manufacture and cold spray.

This is one of many partnerships we look to scale, as we establish ourselves as the only global supplier of low, medium and high-pressure cold spray systems, opening up new opportunities across the aerospace, space, defence, automotive, and nuclear industries.

Titomic share price snapshot

Despite today’s gains, the Titomic share price is down almost 60% when compared to this time last year.

The company’s shares touched an all-time low of 16 cents late last month before recovering some lost ground.

On valuation metrics, Titomic presides a market capitalisation of around $34.32 million.

The post Why is this ASX small-cap share is surging 19% today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares cracking new 52-week highs on Wednesday
• ‘We are thrilled’: Why this ASX mining share is flying 22% higher today
• Qantas share price lifts amid ACCC decision
• Here’s why the IGO share price is making headlines on Wednesday
• Rate pain? ANZ share price dips to 52-week low on Wednesday

Motley Fool contributor Aaron Teboneras 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 no position in any of the stocks mentioned. 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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The Qantas Airways Limited (ASX: QAN) share price is taking off on Wednesday.

It comes after news the Australian Competition and Consumer Commission (ACCC) has closed its investigation into alleged misuse of the company’s market power.

Additionally, the ‘flying kangaroo’ has once again secured its leading share of the Australian domestic market.

At the time of writing, the Qantas share price is $5.44, 2.06% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.3%. Meanwhile, the airline’s home sector – the S&P/ASX 200 Industrials Index (ASX: XNJ) – has gained 2.33%.

Let’s look closer at the news potentially impacting the national airline on Wednesday.

Qantas share price gains amid ACCC’s ‘okay’

The Qantas share price is lifting amid news the ACCC has dropped its investigation brought about by complaints from Regional Express Holdings Ltd (ASX: REX).

The smaller ASX-listed airline raised concerns of anti-competitive behaviour with the watchdog in late 2020 and early 2021. It did so after Qantas entered regional routes historically operated by Rex and increased capacity on intercity routes after Rex entered them.

“A range of factors impacted the competitive dynamics in the market at the time, particularly the COVID-19 movement restrictions and border closures,” the ACCC said today.

“The ACCC will continue to pay close attention to any behaviour that may be anti-competitive.”

On that note, concerning behaviour of Qantas’ call wait times and travel credits have been flagged with the watchdog.

A “significant number of customers” allege Qantas charged customers paying with credits higher prices for flights. The ACCC is investigating such claims. Though, it notes that it doesn’t deal with long call wait times.

Of course, the ACCC is also dealing with Qantas regarding the airline’s proposed acquisition of Alliance Aviation Services Ltd (ASX: AQZ).

Qantas is Australia’s most popular airline once more

The increasing popularity of Qantas flights might also be impacting its share price on Wednesday.

The airline has retaken the lead in securing the biggest market share of domestic aviation.

The ACCC’s latest Airline Competition in Australia report found that of 4.5 million Australians who flew on Australia’s domestic airlines in April, 37% chose to fly Qantas. Another 28% picked Jetstar as their choice airline.

Meanwhile, Virgin’s market share dropped to 31% and Rex’s remained stable at 4% to 5%.

However, in bad news for passengers, the watchdog noted that “airfares may have bottomed out”.  

Discount airfares hit an 11-year low in late April but they’ve been flagged to rebound after monthly jet fuel prices hit an all-time high in May.

Qantas share price snapshot

The Qantas share price has gained 5.85% in 2022 so far. It’s also 12.4% higher than it was this time last year.

The post Qantas share price lifts amid ACCC decision appeared first on The Motley Fool Australia.

More reading

• Could a lack of pricing power drag on Qantas shares in 2022?
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• What’s happening to the Qantas share price this week?
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• Guess which ASX 200 shares UBS just added to its ‘best ideas’ list

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 Alliance Aviation Services Ltd. 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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