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Highlights
- The NZ tourism sector looks hopeful with the return of its former staff as well as new workers.
- Air NZ bags further support for cargo flights under the government’s MIAC scheme.
- Tourism Holdings announces the Commerce Commission’s clearance for the sale of its Mighway and SHAREaCAMPER businesses.
With the opening of the country’s borders from next month onwards, New Zealand’s tourism industry is all set to welcome international visitors to its land as well as its former tourism workers back to the sector.
It is pointed out that NZ’s tourism sector, which well captures the country’s pristine beauty, was one of the most hard-hit sectors affected by the pandemic, with thousands of tourism workers losing out their jobs amid the closure of the nation's borders. As a result, the sector now faces a shortage of staff.
But, with the reopening of the borders, the NZ tourism industry is optimistic about getting its existing as well as new workers back on board.
With this backdrop, let us look at the two popular tourism stocks that can be considered.
Source: © 2022 Kalkine Media® data source- EODHD/Others
Air New Zealand Limited (NZX:AIR; ASX:AIZ)
Air New Zealand Limited today revealed that it had been given a further extension of support for cargo flights under the MIAC (Maintaining International Air Connectivity) scheme till 31 March 2023.
Must Read: AIR, SKO in focus as Tourism NZ launches 'wildest dreams' campaign
The said scheme will support maintaining critical air connectivity, which would reduce over time with the recovery of the international passenger demand.
It must be noted that the earlier extension of the above-mentioned scheme was announced till March 2022, and this new extension is likely to contribute NZ$180 million towards the airline’s cargo revenue.
At the time of writing on 28 March, AIR was gaining by 0.36% at NZ$1.395.
Tourism Holdings Limited (NZX:THL)
Tourism Holdings Limited has recently announced that a green signal had been granted by the Commerce Commission for the sale of its Mighway and SHAREaCAMPER businesses to Camplify Holdings Limited for AU$7.37 million.
Interesting Read: Why is Tourism Holding’s (NZX:THL) stock flying despite dip in profits?
The deal is expected to close within the next 30 days.
At the time of writing on 28 March, THL was soaring by 0.69% at NZ$2.930.
Bottom Line
The NZ tourism sector is looking forward to its revival as international visitors step into its borders in the coming weeks.