It's selling off for the same reason the iron ore miners are selling off.
Worries about slowing China = coming crash in iron ore prices = coming crash in value of AUD / USD exchange rate = coming crash in Flight Centre gross volumes.
Most of Flight Centre's spectacular rise from the ashes has been about Australian consumers being quite well off because of the high exchange rate. This allowed them to take their vacations off shore, and Flight Centre is the beneficiary of that exchange rate wealth.
If the exchange rate crashes, so does FC's business. I sold in the 20s and I don't think I would buy back until there is a decisive outcome in China. I can't say if China crashes in 12 months or 60, but fundamentally the Chinese are not managing their economy by free market principles, and sooner or later there is going to be huge reckoning for their careless command-control behavior.
It's selling off for the same reason the iron ore miners are...
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Last
$17.06 |
Change
-0.270(1.56%) |
Mkt cap ! $4.754B | |||
| Open | High | Low | Value | Volume |
| $17.43 | $17.50 | $17.06 | $23.70M | 1.377M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 26692 | $17.05 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.16 | 4619 | 2 |
View Market Depth
| Last trade - 16.10pm 03/12/2024 (20 minute delay) ? |
| FLT (ASX) Chart |
