ASX 200 down 0.9%: Flight Centre & Webjet jump, Afterpay sinks

Flight Centre Travel Group Ltd (ASX:FLT) and Afterpay Ltd (ASX:APT) shares are on the move on the ASX 200 on Thursday…

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is out of form again and dropping notably lower. The benchmark index is currently down 0.9% to 6,652 points.

Here's what is happening on the market today:

Young man looking afraid representing ASX shares investor scared of market crash

Image source: Getty Images

Travel shares jump

News that the Federal Government has announced a major stimulus package to support the domestic tourism sector has given travel shares a boost today. The likes of Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN), and Webjet Limited (ASX: WEB) are also pushing higher. They are expected to benefit from the government's plan to introduce a $1.2 billion package that will see certain regional domestic airline tickets cut by 50%.

Tech shares tumble

The Australian tech sector is acting as a drag on the ASX 200 on Thursday. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 2.8%. Among the worst performers in the sector are Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P). Investors appear concerned by the prospect of rising bond yields.

SEEK names its new CFO

The SEEK Limited (ASX: SEK) share price is edging lower today despite naming its new Chief Financial Officer (CFO). According to the release, Kate Koch will replace the outgoing Geoff Roberts when he retires at the end of June. Koch is currently the Chief Financial Officer of RMIT University, having held that role since 2017. Before that, she was Group Head of Finance & Performance at UK supermarket giant Tesco and the CFO of the Financial Times Group.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Flight Centre share price with a 9% gain. This follows the aforementioned announcement of government stimulus. The worst performer has been the Afterpay share price with an 8% decline. Investors continue to sell tech shares amid concerns over rising bond yields.

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Share Market News

Testing again

Read more »

Share Market News

Aaron Test 2

Read more »

Share Market News

Aaron Test

Read more »

Share Market News

JP Test

Read more »

Share Market News

JP Test

Read more »

Portrait of Discovery Fund portfolio managers Mark Devcich and Chris Bainbridge
Share Market News

Test

Portfolio managers Mark Devcich (left) and Chris Bainbridge. Image source: Discovery Fund test test

Read more »

a man in a hoodie grins slyly as he sits with his hands poised on a keyboard. He is superimposed with a graphic image of a computer screen asking for a password, suggesting he is a hacker.
Share Market News

Another ASX 200 company has been hit with a cyber incident. Here's what we know

Hackers have breached the systems of this ASX 200 company.

Read more »

a woman
Broker Notes

5 ASX 200 shares that inflation can't touch: expert

Regardless of whether you're a bull or a bear, cost pressures are a factor when buying stocks at the moment.

Read more »