The Flight Centre Travel Group Ltd (ASX: FLT) share price is soaring today, up 5.2% in late afternoon trading. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 0.6% at this same time.
Flight Centre shares opened this morning at $20.17 and are currently trading for $21.23.
So, what’s driving ASX investor interest?
Why is the Flight Centre share price outperforming today?
The Flight Centre share price has joined in with other ASX 200 travels share – like Qantas Airways Limited (ASX: QAN) and Webjet Limited (ASX: WEB) – in charging ahead today.
The impetus looks to be partly driven by strong results and bullish statements from US airline giant Delta Air Lines Inc (NYSE: DAL), which closed up 6.2% yesterday (overnight Aussie time).
In yesterday’s earning’s report Delta stated:
Domestic consumer revenues are exceeding 2019 levels and the recovery in business travel, revenue has accelerated as offices reopen and business travellers rebuild face-to-face relationships. Demand for long-haul international is growing, as travel restrictions lift…
This comes despite fast rising jet fuel costs, which are being offset by higher ticket prices.
According to Delta’s CEO Ed Bastian (quoted by The New York Post), “We are seeing a historic level of sales activity and booking volumes at levels higher than we’ve ever seen in our history.”
With those kinds of figures coming out of the US, the Flight Centre share price looks to be catching some helpful tailwinds today.
Factoring in today’s intraday gains, Flight Centre shares are up 12.9% since this time last month.
The post Here’s why the Flight Centre share price is soaring 5% higher today appeared first on The Motley Fool Australia.
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More reading
- What’s impacting the Flight Centre share price today?
- Why is the Flight Centre share price still the most shorted on the ASX?
- These are the 10 most shorted ASX shares
- What went so wrong for ASX travel shares today?
- The Flight Centre share price is diving 5% today. What’s next in April?
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 and Webjet Ltd. 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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