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ASX 200 down, Flight Centre rises, Redbubble falls

Flight Centre’s expansion into Japan was a highlight in the ASX 200 today.
The post ASX 200 down, Flight Centre rises, Redbubble falls appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) fell by 0.5% today to 7,486 points.

Here are some of the highlights from the ASX:

Flight Centre Travel Group Ltd (ASX: FLT)

Flight Centre announced an Asian expansion update today.

It said that it’s going to launch its corporate travel FCM business in Japan, which it said was the world’s fourth largest corporate travel market, with a joint venture with Tokyo-based NSF Engagement Corporation.

Flight Centre said that Japan was a significant addition to the global FCM network, which now extended to 97 countries.

The Flight Centre managing director Graham Turner said:

Japan is a key corporate market because of its size and importance within the global economy as a business hub for multi-national companies.

By securing an equity position in this crucial market, we will enhance our ability to win new local, regional and multi-national accounts, while also gaining greater control over and enhancing the service we provide to our existing customers with operations in Japan. We believe this will become a very significant business and a valuable addition to our Asian network, which also includes businesses in China including SAR Hong Kong, India, Singapore and Malaysia.

The ASX 200 company said it has invested during the pandemic so that it can recover quicker and drive future organic growth.

It has won corporate business accounts in FY21 that had pre-COVID annual spending of more than US$1.4 billion.

The Flight Centre share price ended 0.5% higher.

Redbubble Ltd (ASX: RBL)

Redbubble attracted investor attention today after it was revealed that co-founder Martin Hosking sold 5 million shares for $21 million.

The e-commerce share said that Mr Hosking sold shares to meet financial commitments. Mr Hosking confirmed he remains committed as a long-term significant shareholder of Redbubble.

Mr Hosking will continue to hold 39.5 million Redbubble shares, which is 14.43% of the business.

The net proceeds of the sale, after tax, will be used to close out an existing loan facility.

The Redbubble share price fell over 1%, though it was down materially more at the start of the day’s trading.

Senex Energy Ltd (ASX: SXY)

The Senex Energy share price dropped 2% today.

It announced a gas sales agreement with the Australian packaging and paper manufacturer Opal. The deal is for up to six years and up to 12 petajoules of natural gas.

The initial four-year agreement starts on 1 January 2023. It will supply 8 PJ of natural gas at a fixed price, in line with current market levels. The two businesses have also signed a contract extension of up to two years and up to a further 4 PJ of sales.

Senex managing director and CEO Ian Davies said:

The agreement broadens Senex’s reach in supplying natural gas throughout the east coast, with our Surat Basin gas to support industry in New South Wales for the first time.

Senex looks forward to building another strong, long-term and mutually beneficially relationship that support jobs, the economy and helps meet Australia’s energy demand as it transitions to a lower carbon future.

The post ASX 200 down, Flight Centre rises, Redbubble falls appeared first on The Motley Fool Australia.

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More reading

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Why BHP, NIB, Northern Star, & Redbubble shares are tumbling lower

Motley Fool contributor Tristan Harrison 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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