SYDNEY, June 27, 2026, 08:02 AEST
- Qantas closed at A$10.68 on Friday, down 0.3% on the day but up about 6.2% from the previous Friday’s close.
- L1 Capital’s disclosed June 22 sale of 4.18 million shares was equal to about 98% of Qantas’ reported trading volume that day.
- The week ahead brings Qantas’ June 30 financial year-end, with full-year results scheduled for Aug. 27.
Qantas Airways Limited ASX:QAN ended the week with a small Friday loss, but the larger market signal sat in the flow: a major disclosed seller fell below the 5% substantial-holder line while the stock still posted a strong weekly gain.
Qantas closed at A$10.68 on Friday, down 0.3%, after trading between A$10.56 and A$10.80. Volume was 5.81 million shares, according to the company’s investor site. The S&P/ASX 200 Index (INDEXASX:XJO) rose 0.18% to 8,764.20 on Friday.
For the week, Qantas rose from A$10.06 at the previous Friday close to A$10.68. That 6.2% gain beat the daily drift in the broader index and came with two heavy sessions: 9.22 million shares on Wednesday and 11.05 million on Thursday, according to historical price data.
The new data point for investors was L1 Capital. A Form 605 filing said L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd ceased to be a substantial holder in Qantas on June 22, with the notice signed June 24.
The last disclosed sale was large for the stock’s normal tape. L1 sold 4.18 million Qantas shares on-market on June 22 for A$42.1 million. Qantas’ reported daily volume that day was 4.26 million shares, so that one disclosed sale nearly matched the whole day’s turnover.
Across the five sale lines from June 16 to June 22, L1 disclosed 10.14 million Qantas shares sold for A$102.2 million. The notice does not show L1 sold out; it only shows the holding fell below the reporting threshold.
That matters because Qantas rose after the June 22 threshold date, from A$10.09 that day to A$10.68 on Friday. For short-term holders, the question is whether a visible overhang has cleared before the company closes its financial year on Tuesday.
Operational news was less clean. Qantas said it would suspend direct Alice Springs-Melbourne flights indefinitely and cut Darwin-Singapore flying to peak periods only, the Australian Broadcasting Corp reported. Qantas Domestic CEO Markus Svensson said falling demand and rising costs meant the Alice Springs-Melbourne “service is no longer viable.” ABC News
That route action fits the investor debate around Qantas: protect margins now, while selling a bigger long-haul story for later. Reuters reported in February that Qantas shares fell 10% after its international division’s profit unexpectedly declined on higher costs and weaker U.S. economy-class demand, even though first-half underlying profit before tax rose 5% to A$1.46 billion. CEO Vanessa Hudson told reporters then, “The Australian dollar does affect purchase decisions.” Reuters
Project Sunrise remains the long-dated upside case. Qantas said this month London would be the first destination for its roughly 20-hour non-stop Sydney flights, with tickets due to go on sale in February and services due to start in October 2027. Hudson said “Australia’s distance” should not block travel, while aviation analyst John Strickland said, “What they are selling is time.” Reuters
Reuters reported Qantas hopes to repeat the roughly 20% fare premium it has achieved on Perth-London versus one-stop routes, and has estimated Project Sunrise could add more than A$400 million a year to earnings. The shares are not waiting for that aircraft delivery; the latest week’s trade was more about fund flow, fuel-sensitive routes and how much weak capacity Qantas is willing to cut.
Next week has no scheduled Qantas earnings release. The company’s financial calendar lists June 30 as year-end and Aug. 27 for final results, with a Sept. 16 record date and Oct. 14 payment date for any final dividend declared by the board.
