Market watchers are keeping a close eye on Sydney Airport shares as the federal government prepares to issue ‘vaccine passports’
The post Why is the Sydney Airport (ASX:SYD) share price in focus this week? appeared first on The Motley Fool Australia. –
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has been the talk of the town this week amid preparations to open Australia’s international borders.
The federal government is reportedly working on a ‘vaccine passport’ system to prove the vaccination status of Australians travelling internationally.
While the news isn’t directly related to the Sydney Airport, its shareholders are likely excited by the step towards the resumption of international travel.
Right now, the Sydney Airport share price is $7.95, 0.44% lower than its previous close.
Let’s take a closer look at what’s got some market watchers talking about Sydney Airport.
Sydney Airport in the spotlight amid vaccine passport news
The Sydney Airport share price might soon see an upswing as Australia begins implementing strategies to keep travellers safe once its international borders open.
According to reporting by the Guardian, trade minister Dan Tehan told journalists Australia will have a system to recognise a person’s vaccination status up and running within weeks.
The system is expected to be put into use when 80% of Australians over the age of 16 are fully vaccinated against COVID-19.
The Sydney Airport share price has been taking off lately. Its gains were potentially spurred by news Qantas Airways Limited (ASX:QAN) is planning to restart international flights in December.
In 2019, approximately 16.8 million international travellers passed through Sydney Airport.
Tehan reportedly said the government is developing a QR code system with the International Civil Aviation Organisation. The system would see Australians’ vaccination status recognised internationally.
Qantas is also helping to create an internationally recognised ‘health pass’. The health pass is being developed by the International Air Transport Association. It is expected to align a traveller’s vaccination status and recent COVID-19 test results to individual nations’ entry requirements.
Sydney Airport share price snapshot
Right now, Sydney Airport’s shares are 24% higher than they were at the start of 2021. They’ve also gained 45% 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 has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.