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What’s dragging on the Qantas share price today?

Qantas share price is lower amid the release of unfavourable data.
The post What’s dragging on the Qantas share price today? appeared first on The Motley Fool Australia. –

The Qantas Airways Limited (ASX: QAN) share price is in the red on Wednesday.

Its slump comes amid findings that passengers of the airline and its subsidiary Jetstar suffered more delays and cancellations in May than those of competing airlines.

At the time of writing, the Qantas share price is $4.525, 0.55% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is also recording a 0.21% fall.

Let’s take a closer look at what’s going on with Australia’s national airline on Wednesday.

Qantas share price slips amid unfavourable findings

The Qantas share price is sinking amid the release of data from the Bureau of Infrastructure and Transport Research Economics.

The data found Qantas cancelled more flights last month than both Virgin Australia and Regional Express Holdings Ltd (ASX: REX). Qantas’ subsidiary Jetstar also saw more late take-offs and delayed landings than its competitors did.

Here are some of the key figures:

38.5% of Qantas’ May flights departed late,
39.3% landed late, and
7.1% were cancelled

Meanwhile, its subsidiary Jetstar saw 42.3% of flights leave late, 39.4% land late, and 5.7% cancelled.

Rex performed best in terms of delays and cancellations last month. Just 1.4% of its flights were cancelled while 21.5% departed late, and 24.5% landed late.

Meanwhile, 5% of Virgin flights were cancelled, 35.6% took off late, and 34.3% landed late.

However, the news is unlikely to have dinted the ASX 200 airline’s stock today. It’s slipping alongside its home sector – the S&P/ASX 200 Industrials Index (ASX: XNJ). The sector is currently down 0.57%.

The company’s fellow ASX 200 travel stocks are also struggling. The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 3.1% right now, the Webjet Limited (ASX: WEB) share price has slipped 2.65%, and the Corporate Travel Management Ltd (ASX: CTD) share price has fallen 4.64%.

Finally, the share price of Qantas’ ASX-listed competitor Rex is currently up 2.45%.

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

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More reading

ASX 200 travel shares take off again on Tuesday. Here’s why
What’s boosting the Qantas share price on Tuesday?
Why are ASX 200 travel shares lifting off on Monday?
Qantas share price lifts amid new sustainability partnership
What happened to the Qantas share price today?

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 Corporate Travel Management Limited, 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 Scott Phillips.

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