By Tony Winterburn • 09 November 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.
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