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Flight Centre shares take off on prospect of federal support

Investors have piled into Flight Centre in the past week, setting its share price on a dramatic rise of 30 per cent in a week.

May 27, 2020, updated May 27, 2020
Flight Centre has upgraded its earnings again. (Photo: Dan Himbrechts/AAP)

Flight Centre has upgraded its earnings again. (Photo: Dan Himbrechts/AAP)

Its fellow Queensland company, Corporate Travel Management, has had a less stellar 13 per cent increase while Webjet has added 22 per cent.

Flight Centre’s shares jumped almost 10 per cent on Tuesday.

Investment advisory company The Motley Fool said investors appeared to be excited at the prospect of travel markets recovering quicker than anticipated.

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It followed claims that some of the $60 billion in unspent JobKeeper funds could be spent to prop up tourism companies until borders re-opened and the market gained some of the lost ground.

“The tourism sector could be one sector in need of further support,” Frydenberg said earlier this week.

“That’s what we’ll look at in the context of the economic situation at the time.”

Flight Centre’s managing director Graham “Scroo” Turner has backed the Queensland Government’s bid to play a financial role in the revival of Virgin Australia.

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