Finance

Travel and hospitality stocks boosted on Boris Johnson’s plan to lift UK lockdown

Travel and hospitality sector stocks kicked up higher on the news of the lockdown roadmap to reopen the economy, announced by Prime Minister Boris Johnson on 22 February.

Low-cost airline EasyJet was up by 11%, with its rival Ryanair rising by more than 4%, and Anglo-Spanish multinational company International Airlines Group increased by 8% when markets opened on 23 February. Pub company J D Wetherspoon was also boosted by 3%.

“Although international travel won’t begin until at least 17th May, news that the government’s global taskforce will reconvene in April to recommend how holidays can resume has been a boost for the industry which has been anxious for a sense of direction,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

“Airline shares roared higher on the promise of a salvaged summer season, following the government’s outline of how Britain will escape the pandemic restrictions,” said Neil Wilson, chief market analyst for Markets.com. “International travel will remain problematic and subject to restrictions, isolation and testing, but bookings have shot up.”

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