Friday, June 9, 2023
The shares of Boeing BA and other aerospace-related companies are flying higher, riding an updraft of positive factors ranging from increased air traffic to more repair business.
Thursday, Boeing stock closed up almost $6, or 2.8%, at $218.11, falling short of its 52-week closing high by 34 cents.
The stock is down more than 50% from its record closing high of $440.62 on March 1, 2019, before the pandemic and before the second of two deadly crashes that led to the worldwide grounding of the 737 MAX jet. Still, shares are up more than 60% over the past 12 months.
The 52-week closing high is $218.45, seen on Feb. 14.
The continuing recovery in air travel is helping. The International Air Transport Association, or IATA, released global air-traffic data for April on June 1. Industrywide traffic was up 46% from a year earlier and at 91% of pre-Covid levels.
Domestic air travel was 3% above pre-Covid levels. “This recovery was driven by growth in various markets, particularly in the Asia Pacific region,” reads the IATA news release. Travel within China rose more than 500% from a year earlier following the end of lockdowns meant to fight Covid-19.
The air-travel recovery means more need for planes and more demand for aerospace-related services. That helps other aerospace shares too.
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