The bubble: Australia, NZ travel stocks jump on quarantine-free travel

Tourism Holdings

06/04/2021 06:06

(Adds details)
    ** Shares of Air New Zealand  AIR.NZ  and Qantas Airways
 QAN.AX  jump after New Zealand decides to allow quarantine-free
visits for Australians  urn:newsml:reuters.com:*:nL1N2LZ011
    ** The initial reports of the travel bubble sent Air NZ
shares up as much as 7%, their sharpest rise since Nov 10, and
Qantas up 3.5%
    ** The travel bubble will be effective from April 19
    ** Air NZ will re-start travel to 9 ports in Australia at a
capacity of about 70% of pre-COVID-19 levels
    ** Also expects the quarantine-free bubble to improve cash
burn
    ** Shares of Air NZ and QAN were last up 6.7% and 2.8%,
respectively
    ** Virgin Australia, however, says it will operate limited
flights to and from Queensland, but has suspended sale of most
NZ services until Oct-end due to evolving border requirements
    ** Flight Centre Travel Group  FLT.AX  up as much as 4.4%,
Webjet Ltd  WEB.AX  up 6.4%
    ** Tourist services provider Tourism Holdings  THL.NZ  jumps
as much as 7%, while Auckland International Airport  AIA.NZ 
gains 3%

 (Reporting by Vasudha Kaukuntla, Savyata Mishra, Shruti Sonal
and Nikhil Kurian Nainan in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com;
Vasudha.Kaukuntla@thomsonreuters.com))