Travel Stocks Weigh Down the FTSE on Wednesday

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Tourist in Paris
Young asian woman visiting Paris - Vector illustration

Britain’s travel sector has been weighed down by the recent terror attacks in France and Mali. A report from ForwardKeys, released this week, shows that bookings to Paris have fallen by nearly 25% following the terror attacks. Paris is one of the most booked destinations out of Britain.

The FTSE 350 has been on a roller coaster since the attacks occurred. The index closed on November 13, the date of the attacks, at 3414.06 before a sharp increase on Tuesday, November 17 to 3494.32. It reached its peak on Friday, November 20 at 3528.34. The index is now struggling, declining for three straight days to 3493.48 (.53%) on the day.

Global travel alerts have been issued in the United States, which has also caused Britain’s travel industry to struggle.

Several airlines have suffered losses in the past few days, including EasyJet (EZ J) which is down 3.4% on the day. International Consolidated Airlines Group (ICAG) has also suffered a 3.3% loss on Tuesday.

The hotel industry is also struggling with TUI (TUIT) falling 2.6% and Intercontinental Hotels Group (IHG) also retreating 2.6% on the day.

A recently downed Russian fighter jet over Syria is also causing concern for investors as global tensions continue to rise.

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