The Webjet Limited (ASX: WEB) share price has taken off so far this week.
The travel company’s shares have lifted 12.9% since market open on Monday. Today alone, Webjet shares have gained 7.44%.
Let’s take a look at what might be buoying the company’s share price lately.
Travel share recovery
Webjet may be in the green but it wasn’t the only ASX travel share taking off today. However, Webjet performed a little better than its ASX travel share peers.
Today, the Flight Centre Travel Group Ltd (ASX: FLT) share price jumped 6.71% while Qantas Airways Limited (ASX: QAN) shares climbed 1.11%.
Helloworld Travel Ltd (ASX: HLO) gained 3.53% while Corporate Travel Management Ltd (ASX: CTD) rose 4.27%.
This follows Prime Minister Scott Morrison revealing yesterday that Australia’s international borders will open to tourists and visa holders from 21 February. Investors appear to be reacting positively to this news.
Today, the New South Wales government said the international border opening would create tourism and international investment opportunities.
The state’s Tourism Minister Stuart Ayres said:
Tourism and hospitality operators will welcome the opening of international borders after two incredibly difficult years. This means more jobs, stronger businesses and a faster economic recovery across NSW.
The world is moving quickly and this is another critical step towards NSW getting back to normal and us living with the virus.
Webjet is an online travel agency enabling customers to compare flights, hotel accommodation, and car hire deals around the world.
The company has not made any price-sensitive announcements to the market since November. It’s due to report its FY22 results at the end of May.
As my Foolish colleague Aaron reported recently, the company is growing its domestic offering along with expanding its presence in the North American B2B market.
The Webjet share price has soared nearly 28% since market close on 27 January, less than two weeks ago.
Webjet share price snap shot
Over the last 12 months, the Webjet share price has gained almost 15%. In the past week alone, it has surged nearly 22%.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned 4.45% over the past year.
Webjet has a market capitalisation of $2.25 billion based on its current share price
The post On a roll. Why is ASX 200 travel share Webjet (ASX:WEB) skyrocketing? appeared first on The Motley Fool Australia.
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More reading
- Why are ASX travel shares Flight Centre (ASX:FLT), Qantas and Webjet lifting off today?
- These are the 10 most shorted ASX shares
- Here’s why the Webjet (ASX:WEB) share price is up 10% in a week
- Are ASX travel shares finally emerging from the COVID storm?
- Could the Webjet (ASX:WEB) share price be about to get a boost?
The author has no holdings in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and 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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