Why Flight Centre, Northern Star, Southern Cross Media, & Treasury Wine are sinking

Flight Centre Travel Group Ltd (ASX:FLT) and Southern Cross Media Group Ltd (ASX:SXL) shares are two of four sinking on Friday…
The post Why Flight Centre, Northern Star, Southern Cross Media, & Treasury Wine are sinking appeared first on The Motley Fool Australia. –

asx share price falling represented by graph of paper plane trending down

In afternoon trade on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a strong gain. At the time of writing, the benchmark index is up 0.75% to 6,764.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 4% to $18.64. This appears to have been driven by profit taking after a strong gain on Thursday following the Government’s announcement of a $1.2 billion stimulus package for the tourism industry. In addition, analysts at Citi have responded to the news by retaining their sell rating and $16.80 price target on the company’s shares.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price has fallen 3% to $9.46. Investors appear to be selling safe haven assets like gold miners on Friday and buying risk on assets such as tech shares. This follows a very positive night of trade on Wall Street, which saw the Nasdaq index rise 2.5%.

Southern Cross Media Group Ltd (ASX: SXL)

The Southern Cross Media share price has plunged 9.5% to $2.00. The media company’s shares have come under pressure today after Channel Nine advised that it will not be extending its regional affiliation with Southern Cross Media after it expires in June. Nine Entertainment Co. Holdings Ltd (ASX: NEC) has instead signed a deal with WIN.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is down over 3% to $11.11. This decline means that the wine company’s shares have now given back almost all their gains from earlier this week. A mixed response to its plans in the Americas has been behind the volatility. Yesterday Citi retained its sell rating and $9.30 price target on the company’s shares.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. 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.

The post Why Flight Centre, Northern Star, Southern Cross Media, & Treasury Wine are sinking appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!