Qantas shares retreat after confirming Jetstar Asia closure
Make us a preferred source
Make us a preferred source on Google
The news: Qantas was among the biggest losers in afternoon trading in the wake of its plan to close Jetstar Asia, despite broad support by analysts over the move.
The numbers: Shares in the airline dropped 4.9% to $10.20 at 2:09pm AEST.
Following the announcement on Tuesday morning, Qantas shares closed lower at $10.50 but rebounded to $10.72 at close on Wednesday after some research analysts upgraded their positions on the stock.
The context: The last operating day for loss-making Jetstar Asia is scheduled for 31 July.
The closure will lead to $500 million of capital being recycled and the redeployment of 13 planes to Australia and New Zealand.
The source: ASX
