The Flight Centre Travel Group Ltd (ASX: FLT) share price is having a turbulent day today.
The shares opened strongly this morning at $18.06 — up 1.06% on yesterday's close. But they quickly tumbled and have been trying to recapture this morning's gains all day.
The Flight Centre share price is currently $17.98, up 0.5% at the time of writing.
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What's happening in the travel industry today?
According to a Bloomberg report, British jet engine maker Rolls-Royce is seeing the widebody aircraft market rebounding faster than expected.
Rolls-Royce makes its money in the travel sector by selling and maintaining long-haul jet engines.
The long-haul market was the hardest hit by the pandemic. However, things may be turning around with some signs of a pick-up in sales talks in recent times.
Rolls Royce CEO Warren East said the company is discussing future production planning and rates with aircraft manufacturer Airbus. This comes amid other reports of airlines considering placing new orders for large jets.
Rolls-Royce is the only engine supplier for Airbus A350s. It has a 35% market share over the Boeing 787, according to the report.
It said that Airbus plans to increase its A350 production rate from five per month to six in early 2023.
Airports swamped by school holiday travellers
More people are taking short-haul trips over international travel as the world continues to manage COVID-19.
In Australia, as the school holidays come to a close in Victoria and Queensland, airports have been swamped with passengers.
A staff shortage due to COVID-19 and bad weather in NSW are causing widespread travel delays and many flight cancellations.
Flight Centre share price summary
Flight Centre shares are down 4% year to date and have risen 12% in value over the past 12 months.
