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Qantas (ASX:QAN) share price lifts despite Clive Palmer sell-off

The market appears unfazed by Clive Palmer selling his stock in Qantas.
The post Qantas (ASX:QAN) share price lifts despite Clive Palmer sell-off appeared first on The Motley Fool Australia. –

The Qantas Airways Limited (ASX: QAN) share price is taking off today despite one billionaire publicly selling their holding in the company.  

Billionaire, founder and former leader of the United Australia Party Clive Palmer has removed Qantas’ shares from the holdings of the Palmer Group in protest of the airline’s mandatory vaccination policy.

Despite the apparent sell-off, Qantas is in the green on the ASX today.

At the time of writing, the Qantas share price is $5.55, 1.46% higher than its previous close.

That’s significantly better than the performance of the broader market. Right now, the S&P/ASX 200 Index (ASX: XJO) is down less than 0.1%, as is the All Ordinaries Index (ASX: XAO).

Let’s take a closer look at Palmer’s stance against Australia’s largest airline.

Qantas share price lifts despite Palmer’s criticism

The Qantas share price is soaring higher today despite billionaire businessman and former leader of the United Australia Party Clive Palmer bailing from the airline.

Palmer has removed Qantas’ stock from the Palmer Group of Companies’ portfolio due to the airline’s stance on COVID-19 vaccination.

Qantas mandated its employees must be vaccinated against COVID-19 back in August. Qantas’ frontline employees must have received both jabs by November, while the rest of its staff have until March 2022.

At the time, Qantas CEO Alan Joyce said:

Having a fully vaccinated workforce will safeguard our people against the virus but also protect our customers and the communities we fly to.

However, Palmer has a different view. In a statement released by the United Australia Party, he commented:

Alan Joyce and his board have taken risks which could result in possible future legal ramifications…

I believe the financial risks Qantas is taking over mandatory vaccinations of its staff leaves them exposed to future financial damages by staff who suffer side effects or worse.

As many onlookers might have predicted, the Qantas share price was unfazed by Palmer’s proclamation.

According to data from the Therapeutic Goods Administration, only 2.3% of people who get a COVID-19 jab experience side effects. The most common side effects are a sore arm, mild fatigue, and headaches, all lasting less than 48 hours.

The post Qantas (ASX:QAN) share price lifts despite Clive Palmer sell-off appeared first on The Motley Fool Australia.

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More reading

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Travel stocks soar. Hopes for a new COVID treatment. Evergrande drags on. Scott Phillips on Nine’s Late News

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 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.

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