Shares in Australia’s flag carrier have shot higher on Tuesday
The post It’s been a good week for the Qantas (ASX:QAN) share price appeared first on The Motley Fool Australia. –
The Qantas Airways Limited (ASX: QAN) share price has been on fire this week. Shares in Australia’s flag carrier are up 8.9% since Monday’s open in good news for shareholders.
Why it’s been a good week for the Qantas share price
Shares in the Aussie airline have climbed 5.2% higher in the last 5 days. That’s despite no new ASX announcements from Qantas since 3 August.
However, the gains have coincided with Qantas’ incentive scheme to get more Australians vaccinated. The Qantas share price edged lower on Monday but has since rocketed higher.
Qantas will be giving inoculated Australians 1,000 Qantas points, 15 status credits or a $20 flight voucher. There will also be 10 “mega prizes” on offer for eligible persons.
Qantas is due to release its FY21 earnings on Thursday in a hotly anticipated release.
Investors interested in the travel sector would be bracing themselves after Sydney Airport Holdings Pty Ltd (ASX: SYD)’s results last Friday.
Australia’s busiest airport reported an 81.7% increase in net losses after tax to $97.4 million with revenue down 31.3% to $351 million.
COVID-19 restrictions have presented “challenging” conditions with traffic numbers remaining subdued.
While Sydney Airport shares haven’t climbed in the days since, the Qantas share price has been on fire.
Alongside Thursday’s earnings result, Qantas investors may also be eyeing easing restrictions in New South Wales and around the country.
Optimism appears to be growing around easing border restrictions once the 70 to 80 per cent vaccination target is reached.
The Qantas share price has shot 5.8% higher on Tuesday and is one to watch throughout the rest of the week.
With no new announcements and Qantas’ earnings expected on Thursday, there’s a fair bit happening for the Aussie airline. There is also building optimism around vaccination levels and the easing of COVID-19 restrictions later in the year
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Motley Fool contributor Ken Hall 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 Bruce Jackson.