The Flight Centre Travel Group Ltd (ASX: FLT) share price has been climbing the past week.
Shares in the travel company have gained more than 5% since market close on 13 May and are currently trading at $20.62. That’s 0.15% in the green during midday trade on Monday.
Let’s take a look at what’s impacting the Flight Centre share price.
Travel boost
Flight Centre is not the only ASX travel share to rise in the past week. Qantas Airways Limited (ASX: QAN) shares have jumped 3.78% since market close on 13 May, while Webjet Limited (ASX: WEB) shares have surged 8.4%.
Enthusiasm for travel may be impacting the Flight Centre share price. On Thursday last week, Webjet managing director John Guscic expressed a positive outlook for the travel industry during the company’s full year results briefing. Quoted in the Australian Financial Review, Guscic said:
Guess who’s back? Travel’s back, baby.
As my Foolish colleague James reported, Webjet revenue surged 258% to $138 million in FY 2022.
Flight Centre had some positive news of its own last week. On Monday, the company announced it had retained a New South Wales government travel management contract.
The new contract will continue for a further three years at least and covers 80 agencies within the government.
Commenting on the news, Flight Centre’s travel solutions general manager Melissa Elf said:
We’re delighted to have retained this prestigious account and we’re looking forward to helping the New South Wales government achieve its aims.
Australia’s international borders opened to tourists on 21 February. In April, the country’s biosecurity emergency ended, enabling cruise ships to enter Australia. New Zealand will also open its borders to all tourists from 31 July.
Share price snapshot
Flight Centre shares have soared nearly 35% in the past 12 months, leaping nearly 17% year to date.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has climbed 2% during the past year.
Flight Centre has a market capitalisation of about $4.1 billion based on its current share price.
The post The Flight Centre share price has taken off 5% in a week. Is travel really ‘back, baby’? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Flight Centre right now?
Before you consider Flight Centre , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Flight Centre wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- These are the 10 most shorted ASX shares
- Top brokers name 3 ASX shares to buy next week
- Brokers name 3 ASX shares to buy today
- Webjet share price tipped to rise: Broker says it ‘hasn’t wasted a crisis’
- Webjet share price falls on earnings miss, but broker sees ‘results as a positive’
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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/NQgnshG
Leave a Reply