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Flight Centre (ASX:FLT) share price crashes 11% amid omicron fears

Flight Centre shares are under pressure again on Monday…
The post Flight Centre (ASX:FLT) share price crashes 11% amid omicron fears appeared first on The Motley Fool Australia. –

As was widely expected, the Flight Centre Travel Group Ltd (ASX: FLT) share price has started the week deep in the red.

In morning trade, the travel agent giant’s shares are down a disappointing 11% to $15.21.

This means the Flight Centre share price has now lost almost 18% of its value over the last two trading sessions.

Why is the Flight Centre share price being smashed?

Investors have been selling down the Flight Centre share price today amid concerns over the new Omicron variant of COVID-19.

This variant of concern, as categorised by the World Health Organization, has led to countries shutting their borders to southern African nations and sparked fears of further lockdowns. This is threatening to derail the travel market recovery at a time when things were just starting to look rosy.

For example, rival Webjet Ltd (ASX: WEB), which is also tumbling lower today and down 8% at the time of writing, revealed last week that two of its three businesses were now profitable. However, that may not last long if travel markets are impacted by Omicron.

What happened on Wall Street on Friday?

It was a similar story for travel shares on Wall Street on Friday night.

Amid a broad market selloff that led to the Dow having its worst day of the year, the likes of American Airlines, Booking Holdings, Carnival Corp, and Expedia all fell heavily as investors rushed to the exits in a panic.

Though, as always, it is worth remembering that selloffs of this nature often bring about great opportunities for investors. Just look at what happened 18 months or so ago.

So, all eyes will be on Flight Centre and Webjet shares when the dust settles on this latest bout of volatility.

The post Flight Centre (ASX:FLT) share price crashes 11% amid omicron fears appeared first on The Motley Fool Australia.

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More reading

These are the 10 most shorted ASX shares

When could Webjet (ASX:WEB) earnings return to pre-COVID levels?

These were the worst performing ASX 200 shares last week

What is going so wrong for the Flight Centre (ASX:FLT) share price today?

Here’s why the Webjet (ASX:WEB) share price is getting hammered on Friday

Motley Fool contributor James Mickleboro 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 and Webjet Ltd. 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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