TUI, BA share prices soar on US vaccine news
Shares in TUI UK, International Airlines Group and EasyJet have soared on news that an experimental drug in the US has been 90% effective in trials.
IAG’s stock jumped more than 35% in trading today with EasyJet up 30% and TUI rising 23%. Ryanair showed a more modest jump of 12%.
The spikes follow an announcement by Pfizer/BioNTech that interim results of a large-scale trial have performed far better than experts had hoped.
The pharmaceutical giant claimed trials were 90% effective, adding there were no serious side effects.
Regulators have previously said they would approve a vaccine even if it was only 50% effective.
The results have buoyed the travel sector and given renewed hope that a full roll out of a Covid vaccine could arrive sooner than expected.
"Today is a great day for science and humanity. The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent Covid-19," Pfizer Chairman and CEO Dr Albert Bourla said.
"We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen."
Airline share prices around the world have been hammered since Covid took hold in March.
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