- International Consolidated Airlines Group (LON: IAG) share price hits a two-month peak on Tuesday (21 September)
- easyJet (LON: EZJ) share price brushed past 663 pence on Wednesday
- Both stocks were boosted by the US lifting travel restrictions on the UK and EU
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IAG, easyJet stock prices in full flight
UK airlines saw their stock prices soar this week, after the US said it would relax travel restrictions on the UK and EU countries from November.
British Airways’ owner International Consolidated Airlines Group (IAG) shares flew up 19% following the announcement, while low-cost carrier easyJet’s share price rose by over 5%.
In celebration of the reopening of US borders, British Airways launched a flash sale on Monday and Tuesday this week, with return deals to New York and Los Angeles from as low as £320 and £349 respectively.
That helped IAG’s share price to hit a two-month high price of 177.4p a share on Tuesday.
The stock was aided by a statement from its chief executive Luis Gallego earlier this week, in which he denied rumours that the group was planning to raise funds from shareholders via a rights issue.
‘We do not see the necessity to do a rights issue and are not considering it,’ Gallego told The Sunday Times, adding that the company is currently exploring ‘different options’ with banks.
‘We have revolving credit facilities, we are analysing other ways of financing the group so we have alternatives before we [consider] another rights issue,’ he said.
On the contrary, rival easyJet launched a rights issue that would raise roughly £1.2 billion (US$1.7 billion) from shareholders at the start of this month. The decision came after the board rejected Hungarian airline Wizz Air’s all-share offer.
There was also speculation that IAG and easyJet are considering a merger. On the matter, Gallego told The…