The Webjet Limited (ASX: WEB) share price showed off against most of the S&P/ASX 200 Index (ASX: XJO) today.
And it wasn’t alone in the green. The online travel agent’s stock surged alongside many of its travel sector peers.
At Monday’s close, the Webjet share price was trading at $5.64, 3.11% higher than its previous close.
For context, the ASX 200 ended the day 0.27% higher.
Let’s take a closer look at what might be going on with ASX travel shares today.
What’s driving the Webjet share price higher?
The Webjet share price gained on Monday. Its movement came as the market digested the latest news from one of the world’s biggest airlines.
The Dubai-based Emirates airline released its annual results on Friday, leaving ASX participants to deliberate on its performance over the weekend.
The unlisted airline posted a notable recovery from its previous results in which it reported a US$5.5 billion loss, reports Reuters. This time around, Emirates’ loss came to around US$1.1 billion.
The company’s revenue also increased 91% on that of the prior 12 months while its earnings before interest, tax, depreciation, and amortisation (EBITDA) improved 282%.
The improvements came amid a recovery from COVID-19 international travel restrictions and despite increased oil prices and inflation.
That’s likely good news for the ASX travel sector and for Webjet in particular.
The online travel agent is due to release its full year earnings on Thursday.
The Webjet share price was far from the only ASX 200 travel stock trading higher today.
The share prices of Flight Centre Travel Group Ltd (ASX: FLT) and Qantas Airways Limited (ASX: QAN) share price closed 1.9% and 1.7% higher respectively.
Meanwhile, stock in Corporate Travel Management Ltd (ASX: CTD) outperformed the lot. It gained 3.4% on Monday.
The post Why is the Webjet share price outperforming on Monday? appeared first on The Motley Fool Australia.
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More reading
- These are the 10 most shorted ASX shares
- Top brokers name 3 ASX shares to buy next week
- Here are 2 ASX growth shares experts have named as buys
- Broker says Webjet share price is a buy ahead of its FY22 results
- Own Webjet shares? Here’s what to expect from next week’s FY22 results
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 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 Scott Phillips.
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