Business
Why Flight Centre, Northern Star, Southern Cross Media, & Treasury Wine are sinking
In afternoon trade on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a strong gain. At the time of writing, the benchmark index is up 0.75% to 6,764.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 4% to $18.64. This appears to have been driven by profit taking after a strong gain on Thursday following the Government’s announcement of a $1.2 billion stimulus package for the tourism industry. In addition, analysts at Citi have responded to the news by retaining their sell rating and $16.80 price target on the company’s shares.
Northern Star…
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