Travel agent and airline stocks are tumbling Monday morning, following the Tunisian terrorist attack on Friday.
News of the attack on a holiday resorts in Tunisia broke on Friday afternoon while markets were still open, but the death toll has risen over the weekend. At least 38 people were killed when a gunman claiming to have links ISIS opened fire on a beach resort. That figure is expected to rise.
The government has also updated its travel advice for Tunisia, warning there could be more attacks.
TUI AG, the German company that owns travel agent Thomson and First Choice in the UK, is the worst hit this morning, down nearly 6%.
A statement on Thomson and First Choice’s websites says the pair have 12 flights scheduled to bring home British tourists today, with two more being planned for this evening.
The statement reads:
We’d like to reassure all other customers that our team is working around the clock, handling a continuously moving and challenging situation, to make the necessary arrangements for our customers in Tunisia who wish to return to the UK and we ask that they please bear with us.
We would like to extend our deepest sympathies to the friends and families of those involved in this tragic event. The whole of Thomson and First Choice are deeply shocked and truly saddened by the events and we are grateful to our staff on the ground and in the air and the emergency services who are working hard in an incredibly challenging environment.
Travel agent Thomas Cook is also down around 3.4% today. Like TUI AG, Thomas Cook is flying tourists home and has already bought 3,600 people back to the UK.
Thomas Cook is letting customers with Tunisian holiday’s booked for the period up to July 12 cancel or amend their bookings.
Airline stocks are also falling this morning. International Airlines Group (IAG), which owns British Airways and Spanish airline Iberia, is down 2.5%.
And easyJet is down 1.6%. The budget airline is letting customers flying to Tunisia over the next 2 weeks switch to a different destination.
While travel agents and airlines are among the biggest fallers on the London Stock Exchange, they’re by no means unusual today. Markets across Europe are tumbling as the Greek crisis worsens and the FTSE 100 is 1.46% lower right now.