Why is the Flight Centre share price lifting off today?


The Flight Centre Travel Group Ltd (ASX: FLT) share price is ascending today, currently trading up 1.6% at $19.06.

In earlier trade, Flight Centre shares surged to $19.75, up 5% on yesterday’s close. For perspective, the S&P/ASX 200 Index (ASX: XJO) is ahead 0.89% today.

So what could be impacting the Flight Centre share price today?

New Zealand reopening

The Flight Centre share price could have been buoyed by news from across the ditch.

Australian tourists will be welcome to New Zealand earlier than expected, the New Zealand Government announced today. Australians will be able to travel to New Zealand without isolating from 12 April.

New Zealand Prime Minister Jacinda Ardern said:

Reopening in time for the upcoming Australian school holidays will help spur our economic recovery in the short term and is good news for the winter ski season.

New Zealand also launched a new tourism marketing campaign in Australia ahead of the border reopening.

Flight Centre operates in 23 countries, including Australia, New Zealand, America, Europe, the United Kingdom, Canada, South Africa, the United Arab Emirates, and Asia.

Yesterday, the Federal Government revealed it will lift the ban on international cruise ships. Cruise ships will be able to arrive and depart Australian ports from 17 April. Cruise ship trips departing from Australia are among Flight Centre’s travel offerings.

On Monday, Flight Centre announced a new travel technology investment. The company has increased its interest in travel technology business TPConnects from 22.5% to 70%.

Flight Centre is not the only ASX travel share rising today. The Qantas Airways Limited (ASX: QAN) is also up 2.94%, Webjet Limited (ASX: WEB) is climbing 2.55%, while Corporate Travel Management Ltd (ASX: CTD) is surging nearly 5%.

The Flight share price has ascended 8% in the year to date, but has gained just 0.47% in the past year.

In the past month, the travel company’s shares have dropped nearly 4%, while they have risen nearly 11% in a week.

Flight Centre has a market capitalisation of $3.8 billion based on the current share price.

Source: Read More

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