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Ryanair (RYA) +2% as IATA says travel industry past lowest point
Ryanair (RYA) closed higher in London at the start of the week after the trade body for the world’s airlines said that the industry was now “past the deepest point”.
Ryanair (RYA) closed 2% higher in London on Monday after the International Air Transport Association (IATA) said that the airline industry’s pandemic-related nadir had passed following a recovery in passenger numbers and an easing of travel-related restrictions.
Willie Walsh, general director for the IATA, revealed that the industry is now bouncing back from its “deepest point” but still warned of further pain ahead.
Losses are expected to total approximately $11.6bn in 2022, according to the IATA, but that is still a vast improvement on the -$51.8bn figure for 2021 and the -$137.7bn recorded last year.
A steady recovery is now taking place, with Ryanair recently revealing that 10.6 million people flew on its planes in September, which is a +100% rise from the same month in 2020.
IAG-owned (IAG) British Airways also signalled its growing confidence by reviving plans for short-haul flights from Gatwick pending the acceptance of a new contract offer to pilots.
The UK government is also making leisure travel easier after streamlining its rules for holidays abroad.
The traffic light system was abolished on Monday (4th October) in favour of a more relaxed, single ‘red’ list of around a dozen countries that remain off limits.
The new rules also mean that travellers from abroad will no longer need to take a pre-departure test to enter the UK on arrival.
The brighter outlook meant that airline stocks fared well as the new week got underway on the London Stock Exchange.
Ryanair traded in positive territory throughout the session and was set to close 2.21% up at €17.61.
IAG shares were flat and changing hands at around 188.02p late in the afternoon, while EasyJet (EZJ) eased 0.54% lower to 700.00p.
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