Published on Monday, November 9, 2020

TUI, BA share prices soar on US vaccine news

Shares in TUI UK, International Airlines Group and EasyJet soared yesterday on news that an experimental drug in the US has been 90% effective in trials.

IAG's stock ended the day up 25% with EasyJet rocketing up 35% and TUI rising 18%. 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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