Wednesday, December 2, 2020

Airline shares take off on markets hearing vaccine news

With an effective vaccine on the horizon, everyone is hoping borders may soon come down and planes go up.

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Airline shares around the world rocketed on Monday after US pharmaceutical giant Pfizer and German biotech firm BioNTech reported positive results from their Covid-19 vaccine trial.

The trial, involving 43,500 volunteers, found that their Covid-19 vaccine candidate has proved 90% efficient in a Phase 3 study.

The companies now plan to produce and distribute millions of doses of the vaccine as soon as possible.

Pfizer chairman and chief executive Albert Bourla said: “This is a great day for science and humanity. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing overcapacity and economies struggling to reopen.”

All US airline shares are up this morning with Spirit Airlines leading the way with a 26% rise.

In Europe, shares in British Airways and Iberia owner, IAG, are up 36%, while easyJet is up 34%. Lufthansa’s share price is up 25%.

Pfizer’s breakthrough has led to hopes that people will be keen to start travelling again.

Airline stocks are particularly sensitive to coronavirus news as the pandemic has led to a historic slump in travel demand.

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