The Qantas Airways Ltd (ASX: QAN) share price hit some turbulent pockets in June.
Shares in the S&P/ASX 200 Index (ASX: XJO) airline stock closed on 31 May trading for $6.65 apiece.
The Qantas share price finished June at $6.20, down 6.8% for the month. For some context, the ASX 200 gained 1.6% in June.
So, what kind of headwinds did the flying kangaroo face?
What were ASX 200 investors considering?
There were no price-sensitive announcements released over the month that would have had a material drag on the airline’s stock.
And it’s worth noting that the Qantas share price finished off May just 29 cents off its 52-week highs. So it’s likely there was some profit-taking happening.
With that said, there was some media coverage over the month that may have led ASX 200 investors to hit the sell button.
Early in the month, doubts were raised about the sustainability of Qantas’ touted ‘super profits’. This came as Qatar Airways asked Federal Transport Minister Catherine King to double the number of international flights allowed on the Sydney, Melbourne and Brisbane routes.
More airlines flying the skies would put downward pressure on sky-high ticket prices, eroding Qantas’ record-breaking recent profits and potentially pressuring the airline’s stock.
What else impacted the Qantas share price in June?
The sale of some 2.5 million Qantas shares by outgoing CEO Alan Joyce, announced on 6 June, also caught the notice of ASX 200 investors.
Joyce, who steps down from the top job in November, sold the shares through an on-market trade on 1 June. He received an average of approximately $6.75 per share, or almost $17 million.
After the sale, Joyce was left with just under 229,000 shares.
The Qantas share price tumbled 4.1% on the day of the announcement.
The results of the Skytrax World Airline Awards, released on 21 June, also didn’t help lift ASX 200 investor sentiment.
The awards, which rank the world’s top airlines, are “voted for by travellers around the world”.
In 2022 Qantas was voted the number-five airline in the world. But it took a big fall in 2023, tumbling all the way to number 17, plagued by lengthy delays, lost baggage, and staffing issues.
The Qantas share price fell 2.4% on the day the awards results were made public.
