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Why is the Flight Centre (ASX: FLT) share price soaring 6% higher today?

We look at what may be boosting market sentiment in Flight Centre’s stock.
The post Why is the Flight Centre (ASX: FLT) share price soaring 6% higher today? appeared first on The Motley Fool Australia. –

The Flight Centre Travel Group Ltd (ASX: FLT) share price is taking off today despite the company’s silence.

However, it’s not alone in its gains. Last night, while much of Australia slept, international travel and airline stocks soared.

Additionally, Flight Centre’s ASX travel peers, including Webjet Limited (ASX: WEB) and Qantas Airways Limited (ASX: QAN), are also surging on Tuesday.

At the time of writing, the Flight Centre share price is $18.30, 6.15% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 1.01% right now.

Let’s take a look at what might be driving ASX travel shares higher today.

What might be boosting the Flight Centre share price?

The Flight Centre share price might be gaining amid rising confidence of a reunited holiday period.

Yesterday afternoon, Queensland Premier Annastacia Palaszczuk announced the state would reopen its borders to quarantine-free travel from domestic hotspots earlier than expected.

The reopening has been moved forward to 13 December after Queensland’s vaccination rate rose faster than anticipated.

Additionally, the Flight Centre share price might be buoyed by news the Omicron variant of COVID-19 seems to cause more mild symptoms than other variants.

The United States’ chief medical advisor to the President, Dr Andrew Fauci told CNN data on the severity of the Omicron variant is looking “encouraging” so far:

Thus far, it does not look like there’s a great degree of severity to it, but we really gotta be careful before we make any determinations that it is less severe.

Fauci’s comments came as a fourth wave of new cases hit South Africa, with the BBC reporting the Omicron variant has become the dominant strain in the country.

According to South Africa’s National Institute for Communicable Diseases, new recorded cases of COVID-19 soared from just 2,273 last Monday to 16,055 on Friday. That represents a 606% increase.

However, hospitalisations in the country aren’t rising at the same rate. 79 people were admitted to the country’s hospitals with COVID-19 last Monday while, on Friday, 279 were admitted. That marks an increase of 253%.

Right now, the Flight Centre share price is almost 15% higher than it was at the start of 2021. Though, it has fallen 9% since this time last month.

The post Why is the Flight Centre (ASX: FLT) share price soaring 6% higher today? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Flight Centre right now?

Before you consider Flight Centre, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Flight Centre wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Here’s why ASX 200 travel shares are taking off today

Flight Centre (ASX:FLT) shares have a 13% short interest. What does this mean?

These are the 10 most shorted ASX shares

Why has the Webjet (ASX:WEB) share price had such a lousy start to December?

Winning shares for 2022: the companies experts are backing revealed at Sohn

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 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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