It’s been a big month for the Webjet Limited (ASX: WEB) share price despite no news having been released by the company. However, the travel sector has had several recent victories.
At the time of writing, the Webjet share price is $6.50, 1.09% higher than its previous close and 11.5% higher than it was this time last month.
So, what exactly has sent Webjet’s stock soaring? Let’s take a look.
What’s driving the Webjet share price lately?
The Webjet share price has had 3 days of excellent trade over the past month, each seemingly spurred by outside influences.
The first was on 23 September when the Webjet share price surged 5.5% higher.
That same day, the United States government announced its plan to scrap travel restrictions for arrivals from 33 countries. The catch is, of course, international travellers arriving in the United States must be fully inoculated against COVID-19.
The next time Webjet’s shares recorded a notable gain came just days later. The company’s stock lifted 5.2% on 27 September.
That was also the first ASX trading day after Prime Minister Scott Morrison announced Australia’s international borders should reopen before Christmas.
Finally, Webjet’s third-best session of the last 30 days was its most recent.
On Friday, the Webjet share price soared 4% higher after New South Wales Premier Dom Perrottet announced the state will soon scrap quarantine for vaccinated international arrivals.
The initial idea was the state would become Australia’s tourism mecca. That is, until other states catch up with its vaccination rate. Currently, 80.8% of those eligible to receive a COVID-19 vaccine in New South Wales have had both doses. That vaccination rate is only bested by the ACT.
However, Morrison soon overruled Perrottet’s plans. He announced the federal government would only be allowing Australian citizens and residents into the country for the time being.
The post Why has the Webjet (ASX:WEB) share price taken off 11% in the past month? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Webjet right now?
Before you consider Webjet, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Webjet wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
More reading
- These are the 10 most shorted ASX shares
- These 2 ASX shares have been named as good opportunities
- ASX travel shares on watch as US border reopens
- Here’s why the Webjet (ASX:WEB) share price is lifting 4% on Friday
- Top broker sees 15% upside in the Webjet (ASX:WEB) share price
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.
from The Motley Fool Australia https://ift.tt/2Z06NlD
Leave a Reply