Qantas and other travel-exposed stocks declined sharply on Monday as surging oil prices and the threat of more sanctions on Russian energy exports hammered investor confidence.
Oil prices are an issue for Qantas and other airlines as fuel is one of the largest operating expenses and is linked closely to oil.Travel agents Flight Centre and Corporate Travel Management were also caught up in the sell-off; their shares fell 4.1 per cent to $17.05 and 2.9 per cent to $21 respectively.– which passed $US135 a barrel in the morning before retreating from those highs – and uncertainty around the war in Ukraine.
It’s an issue for Qantas because fuel is one of the airline’s largest operating expenses and is linked closely to the oil price.in late February that it has significantly hedged its fuel costs until June, but its strategy may mean it faces pressure soon after. Ms Liu said Qantas would likely have to address the market again to calm investors if the sell-off continued.
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