December 8, 2022

Travel & leisure stocks soar on increased bookings, consumer optimism By Investing.com

© Reuters. By Samuel Indyk Investing.com – Shares in companies in the industry soared higher…

Travel & leisure stocks soar on increased bookings, consumer optimism By Investing.com

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© Reuters.

By Samuel Indyk

Investing.com – Shares in companies in the industry soared higher on Tuesday morning as optimism continues to grow following UK Prime Minister Johnson’s plan to exit lockdown. On Monday, the PM said he hopes that all social restrictions could be gone by the end of June, even allowing large-scale sporting events to take place.

Airlines

easyJet (LON:) was one of the main beneficiaries. The company said that flight bookings were up 300{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} WoW and holiday bookings up 600{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5}. This comes despite some suggesting that the UK plan to exit lockdown could be seen as being overly cautious. Tui AG NA (LON:), the dual German/UK lister tour operator, also rallied.  The company said demand for Greece, Spain, and Turkish holidays was up sixfold overnight.

Domestic names

Domestic names in the industry are also benefiting. SSP Group PLC (LON:) is at the top of the . The company operates food concessions, mostly out of travel hubs. Other strong performers included cinema operator Cineworld Group (LON:), bingo hall and casino company Rank Group (LON:) and pub operator J D Wetherspoon PLC (LON:).

Ocado (LON:) was again the worst performer in the . The company provides online delivery, mainly for groceries, and a faster reopening of the economy could slow the rapid growth seen in 2020.

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