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"Given the rate at which mutations have been recorded in the COVID-19 virus, we view continued global transmission as the primary driver behind the emergence of new variants. In turn, we see increased potential for these new variants to negatively impact global air travel demand," Spracklin wrote in a note to clients released Tuesday.
"As such, and until global vaccination rates meaningfully progress, we see the threat of new variants increasing the risk profile of (Air Canada) shares in the near term."
The latest statistics from the International Air Transport Association (IATA), an industry group which represents 290 airlines around the world including Air Canada and WestJet, show that the travel recovery stalled in August. IATA says the slowdown, which fell from July, was due to government restrictions imposed in response to the Delta variant.
Total global demand for air travel in August, as measured in revenue passenger kilometres, was down 56 per cent compared to August 2019, driven by a slowdown in domestic travel around the world. International demand also slowed, falling 69 per cent compared to August 2019 levels.
The stock has been on a run since hitting pandemic lows last year, up nearly 96 per cent since March 2020.
ca.finance.yahoo.com