The Flight Centre Travel Group Ltd (ASX: FLT) share price is continuing its downward spiral today. This is despite the company’s CEO, Graham ‘Skroo’ Turner, calling for Australians to remain calm as more details of the Omicron variant emerge.
However, it’s doing better now than it was earlier this morning. Shortly after the ASX opened, the Flight Centre share price crashed to $15.21, representing an 11.2% drop.
Right now, the company’s stock is trading at $16.96, 1.05% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.22% right now.
Let’s take a look at what’s weighing on the Flight Centre share price.
Flight Centre share price dips amid COVID-19 variant
The Flight Centre share price is suffering despite Turner’s appearance on Nine’s Today show.
There he reportedly said new COVID-19 variants are something we must get used to and are no reason to panic. The Australian quoted Turner as saying:
[Variants are] going to happen every few months, every 6 months, every year, so we just have to learn to live with it and move on and keep the plans open.
I think that’s a really important thing that we just don’t get carried away. We look at the science, on the facts, and not act on emotion.
Turner reportedly noted he particularly hopes Queensland won’t push back its planned reopening date due to the new variant. The state is currently expected to welcome visitors from 17 December.
The Omicron variant was identified late last week. It likely spurred the Flight Centre share price’s 7.4% plunge on Friday.
Then, United Kingdom officials warned they weren’t sure if existing COVID-19 vaccines or treatments will be effective against Omicron.
However, infectious disease expert Dr Nick Coatsworth, who also appeared on the Today show this morning, isn’t worried yet.
He said the variant is so far proving to induce mild symptoms when compared to those of the Delta variant. Though, the major concern surrounding the variant is due to how fast it appears to be spreading.
Yesterday, New South Wales Health confirmed 2 people who tested positive for COVID-19 upon arriving at Sydney Airport on Saturday are infected with the new variant.
The post Flight Centre (ASX:FLT) share price partially recovers as boss calls for calm appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps
- Flight Centre (ASX:FLT) share price crashes 11% amid omicron fears
- These are the 10 most shorted ASX shares
- These were the worst performing ASX 200 shares last week
- What is going so wrong for the Flight Centre (ASX:FLT) share price today?
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 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 Bruce Jackson.
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