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Why is the Webjet (ASX:WEB) share price taking off on Monday?

The travel sector is getting a lot of attention today.
The post Why is the Webjet (ASX:WEB) share price taking off on Monday? appeared first on The Motley Fool Australia. –

The Webjet Limited (ASX: WEB) share price has surged into the green on Monday despite no news having been released by the online travel agency.

However, the travel sector is facing a barrage of exciting news that might be piquing the market’s interest in Webjet.

At the time of writing, the Webjet share price is $6.49, 3.02% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.23% while the All Ordinaries Index (ASX: XAO) has fallen 0.28%.

Let’s take a look at the news that might be impacting Webjet’s stock on Monday.

What’s driving the Webjet share price today?

The Webjet share price is soaring as the United States prepares to open its international borders, Sydney Airport (ASX: SYD) agrees to a longstanding takeover offer, and a plethora of travel shares surge higher.

The United States’ international borders will reopen to vaccinated travellers from 12:01 am eastern standard time on Monday (3:01 pm AEST and 4:01 pm AEDT).

It will mark the first time non-essential travel will be allowed into the nation since its borders were slammed shut to stop the spread of COVID-19 in March 2020.

No doubt, some market watchers will be excited by the potential for a resurgence in holidays to the United States.

Meanwhile, in ASX-centric travel news, Sydney Airport has accepted a takeover bid posed to it by the Sydney Aviation Alliance. The alliance is made up of a consortium of infrastructure investors and super funds.

The accepted bid will see Sydney Airport shareholders handed $8.75 cash for every security they hold in the airport.

Like the Webjet share price, Sydney Airport’s stock is in the green today. Right now, it is $8.45, 2.67% higher than its previous close.

As The Motley Fool reported this morning, the offer values Sydney Airport at nearly $32 billion.

The takeover is still subject to approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. It will also need to pass a shareholder vote.

Perhaps unsurprisingly, the Webjet share price is not alone in its gains today.

Right now, the Flight Centre Travel Group Ltd (ASX: FLT) share price is up 5.01%, while Qantas Airways Limited (ASX: QAN) shares have gained 5.25%.

The post Why is the Webjet (ASX:WEB) share price taking off on Monday? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Webjet right now?

Before you consider Webjet, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Webjet wasn’t one of them.

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More reading

Why the Qantas (ASX:QAN) share price is flying 4% higher today

Why is the Webjet (ASX:WEB) share price underperforming Corporate Travel lately?

These are the 10 most shorted ASX shares

Why has October been such a lousy month for the Webjet (ASX:WEB) share price?

When was the worst ever day on the Webjet (ASX:WEB) share price chart?

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 Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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