It’s a good day on the market today, with ASX 200 travel shares among those leading the charge into the green.
At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has gained 0.69%. Nearly all of the index’s travel-focused constituents are outperforming.
Let’s take a look at what might be driving ASX 200 travel shares higher on Friday.
Why are ASX 200 travel shares taking off today?
The ASX travel sector appears to be ramping up on Friday, with many of its biggest names outperforming the broader market.
Leading the pack is the Flight Centre Travel Group Ltd (ASX: FLT) share price. It’s currently 2.7% higher than its previous close. Meanwhile, Qantas Airways Limited (ASX: QAN) is boasting a 1.8% share price improvement. Shares in Corporate Travel Management Limited (ASX: CTD) and Webjet Limited (ASX: WEB) have each gained 2.2%.
The gains may reflect improving ASX investor sentiment in the Australian travel industry. After all, major airports in Melbourne, Sydney, Adelaide, Brisbane, Perth, Cairns, and the Gold Coast reported their busiest period since the onset of the pandemic this month. At the same time, the Federal Government has lifted its ban on cruise ships.
Today’s gains may also have something to do with the strong overnight performance of international travel stocks. Shares in Booking Holdings Inc (NASDAQ: BKNG) and Airbnb Inc (NASDAQ: ABNB) recorded gains of 2.5% and 4.9% respectively. Airline stocks Delta Air Lines Inc (NYSE: DAL), Southwest Airlines Co (NYSE: LUV), American Airlines Group Ltd (NASDAQ: AAL), and Ryanair Holdings Plc (NASDAQ: RYAAY) also gained between 1.5% and 2.5% in Thursday’s session overseas.
The year so far…
Overall, 2022 has been a good year for ASX 200 travel shares so far. The Flight Centre share price has gained a whopping 21% since the start of the year. Shares in Qantas, Webjet, and Corporate Travel Management have gained 8%, 11%, and 14% respectively.
The post Why are ASX 200 travel shares having a first-class end to the week? 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 positions in and has recommended Airbnb, Inc. and Booking Holdings. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Delta Air Lines. The Motley Fool Australia has recommended Booking Holdings, Corporate Travel Management Limited, 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 Scott Phillips.
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