Webjet (ASX:WEB) share price gains 5% to reach new 52-week high

An older woman with a huge smile on her face having just touched down on the ground from skydiving.

The Webjet Limited (ASX: WEB) share price is taking off today despite no news being released by the company.

However, today has brought more positive news of Australia’s domestic borders reopening as the country edges closer to its vaccine targets.

At the time of writing, the Webjet share price is $6.45, 5.05% higher than its previous close.

Even more impressive, earlier today Webjet’s stock reached a new 52-week high of $6.50 – its highest point since March 2020.

Let’s take a look at the news that might be bolstering the Webjet share price today.

More positive sentiment for travel sector

The Webjet share price is leaping higher today amid news that will likely help the travel industry recover from the COVID-19 pandemic.

It’s been a big weekend for border news, as Prime Minister Scott Morrison flagged the country should be open by Christmas.

Speaking to Channel 7 yesterday, Morrison said there’s no reason domestic border restrictions should remain once 80% of the population is vaccinated.

As of yesterday, 75.8% of Australians have had one COVID-19 jab and 51.5% are fully inoculated.

In a similar vein, Queensland’s Deputy Premier Steven Miles has backtracked on his comments that the state wouldn’t open for Christmas.

As Channel 9 has reported, yesterday Miles said he didn’t think “Queenslanders [would] want to let COVID in for Christmas.”

However, today he noted the sunshine state’s border may be open by Christmas. Though, it’s still not clear when exactly it will open.

More positive news came from Qantas Airways Limited (ASX: QAN). Today, the airline once again solidified its plans to be flying between Victoria and New South Wales by November. It also noted it plans to be flying within New South Wales by October.

Unfortunately, the airline has pushed back its expected flights to Western Australia from Victoria and New South Wales until February.

It still plans to be flying internationally from 18 December.

Like that of Webjet, the Qantas share price hit a new 52-week high today.

Finally, as ABC News reports, New South Wales’ lockdown is set to end on 11 October. Additionally, travel in regional New South Wales will resume when 80% of residents are fully vaccinated. The state is leading the nation’s vaccine rollout, with 85.5% of residents having had one dose and 60.1% having had both.

Webjet share price

Today’s gains have added to Webjet’s strong performance on the ASX.

The online travel agency’s share price has gained 25% year to date. It is also 65% higher than it was this time last year.

The post Webjet (ASX:WEB) share price gains 5% to reach new 52-week high appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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