Someone just bought $22 million of Flight Centre shares. Here’s what we know

It’s been a rather dour start to the trading week for the share markets this Monday. The S&P/ASX 200 Index (ASX: XJO) has recorded a 0.21% loss for the session at today’s close.

But not all ASX 20 shares dipped into the red today. Just take Flight Centre Travel Group Ltd (ASX: FLT) shares.

Flight Centre had a turbulent start this morning. After closing at $18.21 a share last week, the ASX 200 travel share opened at $18.13 this morning before dropping as low as $18.06.

But investors quickly got over their nerves, and the Flight Centre share price was trading comfortably in the green, up 0.74% at $18.34 at the market close.

There hasn’t been any fresh news out of Flight Centre itself that could explain these gains on a down day. And Flight Centre is one of the only ASX travel shares in a good place. Others, such as Webjet Limited (ASX: WEB) and Qantas Airways Limited (ASX: QAN) did not escape losing value today.

So perhaps these gains are the result of some trading action.

Flight Centre shares defy the ASX 200 amid monster trade

According to reporting in The Australian today, Flight Centre shares have just seen an enormous trade take place. A block of 1.2 million shares changed hands today, worth around $22.1 million. That’s the equivalent of 0.7% of all the Flight Centre shares on the market. 

This trade reportedly took place for a price of $18.45 per share. So clearly, a large investor (or group of investors) has decided to take up a substantial investment in the company.

Such a vote of confidence could be helping push up the Flight Centre share price this session, and might explain why this ASX 200 travel share is defying the gloom of the broader market this Monday.

No doubt shareholders will be pleased.

Flight Centre shares have already had a stellar start to 2023. Since the start of the year, this company has rallied by an impressive 27.6%. However, Flight Centre remains down by more than 9% over the past 12 months:

The post Someone just bought $22 million of Flight Centre shares. Here’s what we know appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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. 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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