The Flight Centre Travel Group Ltd (ASX: FLT) share price is taking off on Friday, outperforming the S&P/ASX 200 Index (ASX: XJO) by more than 2%.
Its gains come despite no news from the company. However, there’s been plenty of happenings that might have got the market excited about the travel agent’s stock.
At the time of writing, the Flight Centre share price is $22.61, 2.96% higher than its previous close.
For context, the ASX 200 is currently boasting a 0.7% gain.
Let’s take a look at what might be going on with Flight Centre’s stock today.
Flight Centre share price outperforms on Friday
Stock in Flight Centre is pushing ahead of the ASX 200 on Friday. Its movement follows a strong performance from international travel stocks overnight.
While most Aussies snored, stock in Airbnb Inc (NASDAQ: ABNB), Trip Advisor Inc (NASDAQ: TRIP), and Booking Holdings Inc (NASDAQ: BKNG) gained alongside the broader Nasdaq Index.
That, and other similar movements, likely bolstered excitement in domestic travel stocks like Flight Centre.
On top of that, Australians have returned to travel in droves over the last few months, potentially bolstering sentiment for the travel agent’s shares.
Flight Centre is on the hunt for more than 500 new staff members as demand for its services takes off, the Australian Financial Review reported yesterday afternoon.
Additionally, Melbourne airport saw its highest levels of monthly domestic traffic since the onset of the pandemic in March.
More than 1.5 million passengers jetted from the Victorian capital to land at other Aussie airports last month.
The airport also recorded a total of 1.72 million travellers last month – just 7,642 thousand fewer than it did in March 2020.
Today’s gains have helped push the Flight Centre share price even higher into the year to date green.
Right now, the ASX 200 travel stock is trading for 21% more than it was at the start of 2022. It has also gained 32% since this time last year.
The post Why is the Flight Centre share price trouncing ahead of the ASX 200 today? appeared first on The Motley Fool Australia.
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More reading
- Why are ASX 200 travel shares having a first-class end to the week?
- How long will the Flight Centre share price keep getting battered by COVID-19?
- These are the 10 most shorted ASX shares
- How do you value the Flight Centre share price in April 2022?
- The Flight Centre share price just surged to a 6-month high. Here’s why
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., Booking Holdings, and TripAdvisor. The Motley Fool Australia has recommended Booking Holdings, Flight Centre Travel Group Limited, and TripAdvisor. 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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