While there haven’t been any market sensitive announcements of late, external factors may be playing a role in the price rise.
The post The Qantas (ASX:QAN) share price finished 2.5% higher today appeared first on The Motley Fool Australia. –
The Qantas Airways Limited (ASX: QAN) share price had a decent trading day today. By close of trade, shares in Australia’s national carrier were selling for $4.66 – up 2.42%. For context, the S&P/ASX 200 Index (ASX: XJO) was 0.16% higher.
While there haven’t been any market sensitive announcements over the past week, Qantas shares have been quite volatile, reaching a low of $4.46 and a high of $4.78 during the period.
Let’s take a closer look at the company.
Qantas shares are trading higher
Today’s price rise comes off a sluggish two trading days for the Qantas share price. While there are no definitive answers as to why Qantas shares have struggled recently, there may be a likely explanation: coronavirus.
As we reported on Monday, ASX travel shares took a hammering on the first trading day of Sydney’s two-week lockdown.
COVID-related lockdowns are now mandated in Darwin, Perth, southeast Queensland and Townsville. All other states and New Zealand have some form of COVID restrictions and/or closed border policies.
The situation, however, has not notably improved today. In fact, another city, Alice Springs, has gone into lockdown and new, linked cases have emerged in Adelaide and Melbourne.
None of these developments, it would seem, have enough pull on the Qantas share price. Perhaps investors may be feeling easier about the nation’s COVID situation.
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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 Bruce Jackson.