Flight Centre (ASX:FLT) share price gains after boss anticipates ‘beginning of the end’ of COVID

Key points

• The Flight Centre share price surged 3.87% on Monday, closing at $17.97
• On Sunday, the company’s CEO Graham ‘Skroo’ Turner was quoted as saying Queensland’s international re-opening could signal the final stage of the pandemic
• Turner also said he expects Flight Centre will receive an influx of bookings from the state, starting in April

The Flight Centre Travel Group Ltd (ASX: FLT) share price soared on Monday. The gains have come after the company’s CEO Graham ‘Skroo’ Turner said he’s positive the travel industry has overcome the worst of the pandemic.

As of Monday’s close, the Flight Centre share price is $17.97. That’s 3.87% higher than it was at the end of Friday’s session.

For context, the S&P/ASX 200 Index (ASX: XJO) also finished the day in the green having gained 0.32%.

Let’s look at why the travel agent’s boss is predicting the return to normality.

Flight Centre share price gains amid boss’ optimism

The Flight Centre share price recovered today after tumbling 4.5% on Friday.

Meanwhile, Turner has been quoted by Queensland’s Courier-Mail as saying the state’s reopening could be the “beginning of the end” of the COVID-19 pandemic.

Queensland is expected to open its international borders without restrictions to fully vaccinated travellers once 90% of the state’s residents have received at least two doses of a COVID-19 vaccine.

Queensland Premier Annastacia Palaszczuk expects that target will be met around the end of this week. As of today, 88.7% of Queenslanders have been double jabbed.

However, Turner predicts demand for travel won’t pick up until current outbreaks have subsided. The Courier-Mail quoted Turner as saying:

The only dampener now has been Omicron because it’s far more widespread than Delta ever was…

As soon as the peak is reached and people see it’s coming back to normal that’s when people will be booking for April, May and June – I’m pretty optimistic.

The final hurdle for Queensland may come less than a week after the state removed restrictions on domestic arrivals.

Previously, those travelling from declared hot spots had to provide a negative COVID-19 test. That was relaxed to allow a negative rapid antigen test before being scrapped altogether on Saturday.

Queensland’s chief health officer Dr John Gerrard commented on the lifting of domestic border restrictions, saying:

The border restrictions have served their purpose which is to allow every Queenslander access to the vaccine, they have achieved that.

Right now, the Flight Centre share price is up 2% year to date. Though, it’s gained 6.7% over the last month.

The post Flight Centre (ASX:FLT) share price gains after boss anticipates ‘beginning of the end’ of COVID appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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