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Highlights:
- The share price of Qantas Airways hit a new high today.
- Qantas is currently focused on its share buyback program.
Shares of Qantas Airways Limited (ASX:QAN) were trading higher on Wednesday, breaching the AU$6 mark for the first since COVID-19’s onset, despite no major price-sensitive news released by the company. The company’s share price touched a new 52-week high of AU$6.08 soon after the market opened today. The share price of Australia’s largest airline was trading 2.372% higher at AU$6.040 apiece on ASX at 12:09 PM AEDT today (19 October 2022).
In the last 12 months, Qantas’ share price has gone up by almost 5%, while on a year-to-date (YTD) basis, the company’s share price gained nearly 17% (as of 12:09 PM AEDT today).
Recent developments at Qantas
Qantas is currently conducting a share buyback program and is focused on the same. Earlier today, the company announced that it has purchased a total of 23,643,313 shares of its own so far. Furthermore, Qantas said that it had bought a total of 1,847,941 shares of its own on the previous day itself.
On 13 October 2022, Qantas shared a trading update stating that it had experienced an acceleration in its recovery rate driven by rise in travel demand in recent times.
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Qantas’ new wage policy
Recently, Qantas also announced some changes to its current wage policy that covers around 20,000 employees of the airlines company. Qantas said that after a freeze in salary for almost two years, the company has decided to increase its wages by 2% to 3%.
