Airline stocks take flight again on Moderna vaccine success
Airline stocks took flight in the last few minutes as Moderna revealed that its coronavirus vaccine was 95 per cent effective.
For the second Monday in a row, shares in listed carriers have soared on the back of announcements regarding vaccines.
Last week Pfizer said that its vaccine, which it has developed with Biontech, was 90 per cent effective in preventing the disease.
British Airways-owner IAG shares exploded up 12.2 per cent on the back of Moderna’s announcement, after a 40 per cent increase last week.
Anglo-German holiday firm Tui rose 10.7 per cent, while Easyjet jumped 8.2 per cent as midday passed.
Wizz Air also gained 3.6 per cent, while Irish budget carrier Ryanair only amassed a 2.2 per cent gain in the immediate aftermath of the announcement.
The new surge comes after months in which airline stocks have languished in the doldrums amid the decimation of global air travel.
But the news of a second effective vaccine raises hopes that a return to normal life – and international travel – may come sooner than anticipated.
Scientists have warned that humanity will need more than one vaccine against the vaccine, so the Moderna announcement should increase traders’ optimism.