By Tony Winterburn • Published: 09 Nov 2020 • 23:19
Travel Company Shares Rise on News of Vaccine Update by Pfizer and BioNTech.
Share prices in a number of travel firms climbed sharply on Monday following news of progress on a COVID-19 vaccine being developed by Pfizer and BioNTech. Interim results from the analysis by the two firms show the trial vaccine was effective in 90% of cases, with no significant safety concerns raised.
The analysis was based on a test of 43,500 people in six countries, and the results exceed what many experts were hoping for. Albert Bourla, Pfizer chairman and chief executive, said: “Today is a great day for science and humanity. The first set of results from our phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19.
“We are reaching this critical milestone in our vaccine development programme at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
The vaccine hopes revived investor appetite for airlines, hotels, energy firms and others hit hardest by the pandemic, sending shares soaring – in some cases by more than 40%. Firms lifted by the pandemic dived, in contrast, dived.
Such sizable swings are rare. In the case of the UK, the FTSE 100 added roughly £82bn to the value of its shares in the market’s best day since March – and one of the ten largest ever single-day gains for the index.
According to the London Stock Exchange website, Jet2’s share price rose from 983.50 at 11.45 am to 1,216.00 at 12.15 pm, before closing up 28.10% at 1,174.00. Tui’s price climbed from 341.70 to 445.40, before closing up 19.53% at 382.50.
IAG saw its price rise from 115.50 to 148.14 before closing up 25.48% at 130.00, while easyJet climbed from 570.60 to 699.80 at 12.08 pm and continued to improve to close up 35.56% at 722.00. Meanwhile, cruise giant Carnival climbed from 965.20 to 1233.76 and closed up 37.93% at 1,229.50.
Pfizer and BioNTech plan to apply for emergency approval to use the vaccine before the end of the month, the BBC reported.
Thank you for taking the time to read this news article “Travel Company Shares Rise on News of Vaccine Update”.
For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue to be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our Privacy Policy for more information about our privacy practices.
Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our Privacy Policy for more information about our privacy practices.
Download our media pack in either English or Spanish.