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Why has the Webjet (ASX:WEB) share price outperformed Flight Centre (ASX:FLT) lately?

Here’s why the Flight Centre share price has struggled more than its travel peers over the last week.
The post Why has the Webjet (ASX:WEB) share price outperformed Flight Centre (ASX:FLT) lately? appeared first on The Motley Fool Australia. –

The Webjet Limited (ASX: WEB) share price is has fallen 4.02% since last Monday. Though, that’s a better performance than one of its ASX travel agent peers.

Flight Centre Travel Group Ltd (ASX: FLT) has recently watched its stock plunge. The company’s share price has flopped 11.69% since this time last week.

Here’s what has seemingly caused these travel agents’ stock to trend differently.

How the wider market moved

The Webjet share price has dipped over the last week. In the same period, Flight Centre shares have plummeted. Meanwhile, the broader market has faired relatively well.

Both the S&P/ASX 200 Index (ASX: XJO) and All Ordinaries Index (ASX: XAO) have gained ~0.9% since last Monday’s close.

Webjet share price outperforms Flight Centre’s

While the Webjet share price ended the last 7 days of trade in the red, Flight Centre shares dipped significantly despite positive noises coming from Flight Centre’s management.

The first catalyst for the Flight Centre share price’s plunge seems to have been its annual general meeting (AGM).

Flight Centre’s AGM took place on Wednesday. The company’s CEO, Graham Turner, said he expects Flight Centre will return to profit during financial year 2022. Additionally, he noted Australian bookings for overseas trips were already rebounding ahead of New South Wales’, and now, Victoria’s, international reopening next month.

Despite the positive sentiments, the Flight Centre share price fell 4.5% on Wednesday.

That dip worsened on Thursday after the company priced $400 million of convertible notes. Its share price fell another 4.8% in response.

Luckily for the Webjet share price, it managed to avoid falling on the back of market announcements last week. In fact, the company hasn’t released any price-sensitive news to the ASX since August.

Right now, the Webjet share price is $6.20, 1.9% lower than Friday’s close.

The post Why has the Webjet (ASX:WEB) share price outperformed Flight Centre (ASX:FLT) lately? appeared first on The Motley Fool Australia.

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More reading

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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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. 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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