The Flight Centre Travel Group Ltd (ASX: FLT) share price is continuing its downward spiral today. This is despite the company’s CEO, Graham ‘Skroo’ Turner, calling for Australians to remain calm as more details of the Omicron variant emerge.
However, it’s doing better now than it was earlier this morning. Shortly after the ASX opened, the Flight Centre share price crashed to $15.21, representing an 11.2% drop.
Right now, the company’s stock is trading at $16.96, 1.05% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.22% right now.
Let’s take a look at what’s weighing on the Flight Centre share price.
Flight Centre share price dips amid COVID-19 variant
The Flight Centre share price is suffering despite Turner’s appearance on Nine’s Today show.
[Variants are] going to happen every few months, every 6 months, every year, so we just have to learn to live with it and move on and keep the plans open.
I think that’s a really important thing that we just don’t get carried away. We look at the science, on the facts, and not act on emotion.
Turner reportedly noted he particularly hopes Queensland won’t push back its planned reopening date due to the new variant. The state is currently expected to welcome visitors from 17 December.
The Omicron variant was identified late last week. It likely spurred the Flight Centre share price’s 7.4% plunge on Friday.
Then, United Kingdom officials warned they weren’t sure if existing COVID-19 vaccines or treatments will be effective against Omicron.
However, infectious disease expert Dr Nick Coatsworth, who also appeared on the Today show this morning, isn’t worried yet.
He said the variant is so far proving to induce mild symptoms when compared to those of the Delta variant. Though, the major concern surrounding the variant is due to how fast it appears to be spreading.
Yesterday, New South Wales Health confirmed 2 people who tested positive for COVID-19 upon arriving at Sydney Airport on Saturday are infected with the new variant.