It’s been a big month for the Webjet Limited (ASX: WEB) share price despite no news having been released by the company. However, the travel sector has had several recent victories.
At the time of writing, the Webjet share price is $6.50, 1.09% higher than its previous close and 11.5% higher than it was this time last month.
So, what exactly has sent Webjet’s stock soaring? Let’s take a look.
What’s driving the Webjet share price lately?
The Webjet share price has had 3 days of excellent trade over the past month, each seemingly spurred by outside influences.
The first was on 23 September when the Webjet share price surged 5.5% higher.
That same day, the United States government announced its plan to scrap travel restrictions for arrivals from 33 countries. The catch is, of course, international travellers arriving in the United States must be fully inoculated against COVID-19.
The next time Webjet’s shares recorded a notable gain came just days later. The company’s stock lifted 5.2% on 27 September.
That was also the first ASX trading day after Prime Minister Scott Morrison announced Australia’s international borders should reopen before Christmas.
Finally, Webjet’s third-best session of the last 30 days was its most recent.
On Friday, the Webjet share price soared 4% higher after New South Wales Premier Dom Perrottet announced the state will soon scrap quarantine for vaccinated international arrivals.
The initial idea was the state would become Australia’s tourism mecca. That is, until other states catch up with its vaccination rate. Currently, 80.8% of those eligible to receive a COVID-19 vaccine in New South Wales have had both doses. That vaccination rate is only bested by the ACT.
However, Morrison soon overruled Perrottet’s plans. He announced the federal government would only be allowing Australian citizens and residents into the country for the time being.