The Flight Centre Travel Group Ltd (ASX: FLT) share price was rangebound today after completing a turbulent flight path in FY22.
At the close on Tuesday, it finished at $17.63 apiece, a more than 28% decline from its 52-week closing high of $24.43 on 5 October 2021.
In broad market moves, the benchmark S&P/ASX 200 Index (ASX: XJO) is 55 basis points higher on the day at 6,648.
Flight Centre share price on a trip down south
Travel shares were punished across the entire spectrum of companies in FY22.
Investors were particularly hard in June 2022, driving the Flight Centre share price down from $20.67 to $17.20 in an almost vertical fashion.
Thankfully, a huge recovery after the company’s FY21 results and annual report from August saw the share surge to its yearly highs.
These prior gains have helped the share retain an 11% gain in the past 12 months of trade.
Flight Centre shares also benefitted from a rebound in travel activity in 2021. This was bought on by the reopening of international travel borders and relaxing of COVID-19 restrictions.
Australians in particular were relieved to fly in and out of the country on lax terms for the first time since the restrictions began.
Investors certainly regained confidence too. However ongoing uncertainties around the virus, the geopolitical situation in Europe, and the market meltdown of 2022 have compressed the Flight Centre share price.
It now trades 45 basis points in the red this year to date, or 15% down in the past month.
Flight Centre is also Citiâs worst ASX 200 travel buy at the moment. The broker outlined several headwinds it could face from international travel in a recent note.
The post Flight Centre completes turbulent journey in FY22 appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of June 1 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- The Corporate Travel share price hit major turbulence in June
- These are the 10 most shorted ASX shares
- How did ASX travel shares perform in June?
- ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals
- Why did the Flight Centre share price tumble 15% in June?
Motley Fool contributor Zach Bristow 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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/Xpn796Z
Leave a Reply