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.
Its fellow Queensland company, Corporate Travel Management, has had a less stellar 13 per cent increase while Webjet has added 22 per cent.
Flight Centreās 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.
āThe tourism sector could be one sector in need of further support,ā Frydenberg said earlier this week.
āThatās what weāll look at in the context of the economic situation at the time.ā
Flight Centreās managing director Graham āScrooā Turner has backed the Queensland Governmentās bid to play a financial role in the revival of Virgin Australia.
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