Shares of International Consolidated Airlines Group S.A. (LON: IAG), the owner of British Airways, jumped around 5% today. The bullish move came after it has been announced that “Air bridges” are no longer set to go ahead.
The initial proposal of setting travel corridors is no longer an option with quarantine exemptions being put in place. Accordingly, 75 countries will be placed on the quarantine exemptions list.
The list includes popular travel destinations, such as EU countries, British territories including Bermuda, as well as Turkey, Thailand, Australia and New Zealand.
“We have said all along that air bridges were unsustainable in Europe because you can’t restrict people travelling in the EU or Schengen. It’s sensible and logical and I wish we could have had it earlier. It begs the question as to why have we gone round in circles,” said Paul Charles, a spokesman for the 500-strong Quash Quarantine campaign group.
UK citizens still can’t travel to the USA, Russia and Brazil, except for non-essential business. Countries such as Portugal and Sweden are still on the red list.
Following the news, shares of travel and leisure companies surged higher. IAG share price trades around 5% higher on the day to break the bearish run that started at the beginning of June.
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