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Highlights:
- Qantas’ shares were volatile on 27 October 2022.
- Shares of Qantas Airways Limited (ASX:QAN) were trading higher on 28 October 2022.
Shares of Qantas Airways Limited (ASX:QAN) are buzzing in the green territory today (28 October 2022), although no price-sensitive news was shared by the national flag carrier. At 10:44 AM AEDT, Qantas shares were spotted trading 0.17% up at AU$5.84 per share.
Meanwhile, the broader Australian stock market index, ASX 200, was down 0.42% to 6,816.10 points around the same time.
How did Qantas’ shares perform yesterday?
Qantas shares were quite volatile on 27 October 2022. The share price touched AU$5.84 during the opening session after closing at AU$5.86 apiece on 26 October 2022. Later during the trading session, the shares buzzed in the green territory and touched AU$5.89 per share (at 12:00 PM AEDT). At 3:35 PM AEDT, the shares were spotted trading 0.68% lower at AU$5.82 per share, with a market capitalisation of AU$11.05 billion.
Qantas’ peers -- Webjet Limited (ASX:WEB), Flight Centre Travel Group Limited (ASX:FLT), and Corporate Travel Management Limited (ASX:CTD) – also traded on a volatile note yesterday.
Webjet shares touched AU$5.16 apiece during the early trading hours, and at 12:10 PM AEDT, they touched AU$5.23. At 1:23 PM AEDT, Webjet shares were spotted trading around their previous day’s (26 October 2022) closing price of AU$5.18 apiece.
Corporate Travel Management shares were in the red during the early trading hours, and at 1:28 PM AEDT, the shares were trading 1.28% higher at AU$17.41 apiece. Similarly, Flight Centre shares entered the red zone in the morning and then headed north and later they were spotted trading 1.30% higher at AU$16.38 apiece.
It is worth mentioning that neither Qantas nor any of its peers, except for Corporate Travel Management, shared any price-sensitive news.
Corporate Travel had shared a trading update and its annual general meeting (AGM) presentation via an ASX filing.
Recent update by Qantas Group
Qantas shared that increased travel demand is accelerating the company’s recovery from the pandemic-driven crisis.
Considering the current fuel prices (as per the ASX announcement dated 13 October 2022), forward booking, and latest assumptions regarding the second quarter, Qantas expects its underlying profit before tax to be in the range of AU$1.2–AU$1.3 billion during the first half of financial year 2023.
The expected range of net debt is AU$3.2 billion and AU$3.4 billion as of 31 December 2022, which is lower than the bottom range of the targeted AU$3.9 billion.
The company said it was on track to achieve its EBIT target of AU$425– AU$450 million.
