On the announcement of a potential new Covid-19 vaccine that is reported to be 90% effective, shares in TUI UK, International Airlines Group and EasyJet soar
With the news that shows a glimmer of light at the end of a long dark tunnel for travel, IAG’s stock ended the day up 25% with EasyJet rocketing up 35% and TUI rising 18% yesterday (Nov 9). Ryanair had a more moderate 12% increase.
The increases follow the announcement by Pfizer/BioNTech that so far, results of an extensive vaccine trial for a Covid-19 vaccine have exceeded expectations.
The pharmaceutical company has made claims that the interim trials show the new vaccine to be 90% effective, and so far, show no serious side effects.
Previously, regulators said they would approve a vaccine at a 50% effectiveness rate. The hopeful results are great news for the struggling travel and tourism industries that have been hit hard during the pandemic, with restrictions on travel customers cancelling their 2020 holidays.
“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,” Pfizer Chairman and CEO Dr Albert Bourla said.
“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 over-capacity and economies struggling to reopen.”
