The Webjet Limited (ASX: WEB) share price is inching towards the end of the week in the green.
Its strong performance might’ve been brought about by positive sentiment of the travel sector overseas.
At the time of writing, the Webjet share price is trading 2.92% higher than its previous close at $6.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.95%.
Let’s take a closer look at the online travel agent’s Friday gains.
Webjet share price takes off on Friday
The Webjet share price is outperforming amid good news from international airline stocks.
While most of Australia slept, Southwest Airlines Co and JetBlue Airways Corporation released positive quarterly updates, spurring the US market to bid their share prices 6% and 3% higher respectively.
Both airlines noted that increased demand was helping to offset higher fuel costs and they expected to post strong results for the June quarter. Of course, what’s good for airlines is generally positive for the travel sector, both overseas and more specifically for ASX travel shares.
Thus, the airlines’ updates have potentially spurred positive sentiment for Webjet just weeks after the company reported it had returned to profitability.
At its current trajectory, Webjet expects to reach pre-pandemic booking levels sometime between October 2022 and March 2023.
The online travel agent is sharing its spotlight on Friday. The share price of its ASX 200 peer Flight Centre Travel Group Ltd (ASX: FLT) is also in the green, lifting 3.44% to trade at $20.46.
Meanwhile, stock in Corporate Travel Management Ltd (ASX: CTD) is up 3.1% at $21.60.
The Webjet share price has gained 10% since the start of 2022. It’s also currently 18% higher than it was this time last year.
The post What’s boosting the Webjet share price 3% higher on Friday? appeared first on The Motley Fool Australia.
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More reading
- Up 10% in 9 trading days, what’s going on with the Webjet share price?
- Is the Webjet share price an opportunity that can soar?
- The Flight Centre share price has taken off 5% in a week. Is travel really ‘back, baby’?
- These are the 10 most shorted ASX shares
- Top brokers name 3 ASX shares to buy next week
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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