ASX 200 travel shares were flying higher on the last day of trading before the Easter break.
The Qantas Airways Limited (ASX: QAN) share price soared 7% today, while Flight Centre Travel Group Ltd (ASX: FLT) leapt nearly 5%. Meanwhile, Webjet Limited (ASX: WEB) was up almost 8%.
So why did ASX200 travel shares have such a positive day?
Travel recovery continues at home
Travel shares are surging amid the busiest day in two years at Australian airports. A million travellers could pass through Sydney airport on the long weekend, 7 News reported.
Adelaide Airport also expects 25,000 people to travel through the terminals on Thursday and Friday, while Brisbane predicts double that number. Moody’s has also upgraded Qantas’ debt level to stable, the Sydney Morning Herald reported.
… and overseas
ASX 200 travel shares are following in the footsteps of their US peers. Shares in Delta Air Lines, Inc (NSE: DAL) soared 6.21% in US markets overnight, while American Airlines Group Inc (NASDAQ: AAL) ascended 10.62%. Meanwhile, United Airlines Holdings Inc (NASDAQ: UAL) leapt 5.64%.
US travel shares soared overnight after Delta reported the highest booking volumes in the company’s history. CEO Ed Bastian said:
We are seeing a historic level of sales activity and booking volumes at levels higher than weâve ever seen in our history.
The biosecurity emergency restricting cruise ship entry into Australia is also set to lapse on Easter Sunday. In addition, overseas travellers will no longer need to undertake a COVID-19 test to enter Australia.
In more news, New Zealand opened the borders to vaccinated arrivals from Australia yesterday, just in time for Easter long weekend travel.
