Thursday was a tough day for ASX travel stocks.
The post Why did the Flight Centre (ASX:FLT) share price slump on Thursday? appeared first on The Motley Fool Australia. –
The Flight Centre Travel Group Ltd (ASX: FLT) share price suffered on Thursday despite the broader market trading in the green. Though, it wasn’t alone in its fall. Many of its ASX travel peers also slipped today.
As of Thursday’s close, the Flight Centre share price is $18.13, 2.37% lower than it was at the end of Wednesday’s session.
Let’s take a look at what might have contributed to ASX travel stocks’ dive today.
What weighed on the Flight Centre share price today?
The Flight Centre share price was one of the worst performing ASX travel shares on Thursday.
It was joined in the red by the Helloworld Travel Ltd (ASX: HLO) share price. It slipped a notable 2.51%.
That’s despite no news having been released by any of the ASX travel majors. However, today marks one of the worst days of the COVID-19 pandemic for Australia so far.
While the changing COVID-19 situation likely hasn’t directly weighed on any particular share price, it could have impacted sentiment for the sector.
Both Queensland and New South Wales recorded a record number of new cases on Thursday, while Western Australia shut its border entirely.
The state has now officially banned travel from the Northern Territory, leaving it without a single open border.
However, Queensland Premier Annastacia Palaszczuk announced that the sunshine state will drop all border requirements for domestic arrivals from 1 am on 15 January.
Today’s drop sees the Flight Centre share price 2.9% lower year to date. Though, it has gained 4% since this time last month.
The post Why did the Flight Centre (ASX:FLT) share price slump on Thursday? appeared first on The Motley Fool Australia.
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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. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited, 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.