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EasyJet Share Price Surges 10% as Holiday Demand Rises

Nigel Firth
Nigel Frith trader
Updated 4 Aug 2020
OPEN DEMO TRADING ACCOUNT YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY

Shares of EasyJet PLC (LON: EZJ) soared 10% after the low-cost carrier said the demand has been better than expected in July. 

The airline said it had only 117,000 passengers in the three months ending June 30, a decrease of 99.6% compared to the same period in 2019. As a result, revenue went from £104 million to £7 million in the quarter.

EasyJet moved to a £324.5 million loss from a £174.2 million profit the prior year. Despite the horrific numbers, the low-cost carrier noted an uptick in demand for holiday travel. 

“I am really encouraged that we have seen higher than expected levels of demand with load factor of 84% in July with destinations like Faro and Nice remaining popular with customers,”  Chief executive Johan Lundgren said in a statement. 

“Our bookings for the remainder of the summer are performing better than expected and as a result we have decided to expand our schedule over the fourth quarter to fly c.40% of capacity”. 

Easyjet share price surges on better-than-expected demand August 2020

EasyJet share price surged over 10% to trade at 560p. The buyers will now eye a move to 640p where the next resistance line sits. 

Nigel Firth
Nigel Frith trader
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.