The Webjet share price has tumbled this week despite news of Australia’s return to travel.
The post It hasn’t been a great week so far for the Webjet (ASX:WEB) share price appeared first on The Motley Fool Australia. –
This week hasn’t been good to the Webjet Limited (ASX: WEB) share price.
The online travel agent’s stock roared higher on Monday, hitting a new 52-week high. Unfortunately, it has since tumbled.
The dip has come about despite renewed enthusiasm surrounding Australia’s return to travel and the nation’s vaccine rollout surpassing a key milestone.
At the time of writing, the Webjet share price is $6.28, 1.29% higher than its previous close but 3.08% lower than it was at Friday’s close. Additionally, it is currently 29% lower than its shiny new 52-week high of $8.89.
Let’s take a closer look at what’s been happening with the Webjet share price and Australia’s travel industry this week.
A bad week for Webjet but a good one for travel
The Webjet share price has been tumbling lower on a week full of good news for Australians in need of a holiday.
On Friday, Prime Minister Scott Morrison announced Australia’s international borders are set to reopen next month in line with some states allowing home quarantine.
When the order is officially given, Australians who are vaccinated against COVID-19 will be allowed to fly in and out of the country freely and quarantine for 7 days in their home on their return.
The number of unvaccinated travellers landing in Australia will continue to be capped. Those who don’t have both jabs on arrival will face 14-day of “managed” quarantine.
The Webjet share price surged 2.6% higher on Friday and was boosted by another 2.9% on Monday.
Only states that have a home quarantine system available will see international travel return.
According to the outlet, up to 1000 Queenslanders currently stuck in interstate hotspots will soon be allowed to return home. And at home, they will stay for the 14 days following their arrival.
Finally, several key vaccine targets have been met over the last 24 hours. 80.5% of Australians have now received one dose of a COVID-19 vaccine, while 58.4% are fully vaccinated.
Additionally, New South Wales’ brand new premier, Dom Perrottet, announced the state reached its 70% vaccination rate yesterday. Restrictions will ease in NSW on Monday and travel within the state will properly resume when it meets its 80% vaccination target.
Webjet share price snapshot
Despite all the good news, the Webjet share price has spent the last 2 sessions in the red. Though, it’s still recording strong long-term gains.
Right now, the company’s share price is 20% higher than it was at the start of 2021. It has also gained 47% since this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.