Air Canada jumped as much as 29%, the most since March 25, after the airline said it burned less cash than expected in the third quarter and Pfizer Inc. reported good results from tests of a Covid-19 vaccine.
The shares were up 21% to C$19.13 in Toronto as of 9:46 a.m. Before the markets opened Monday, Air Canada said flight capacity will drop 75% in the fourth quarter compared with a year earlier. But the airline will put off decisions about suspending even more routes while it talks with the Canadian government about financial aid.
“I would be cautiously optimistic” about the impact of a vaccine, Chief Executive Officer Calin Rovinescu said in a conference call with analysts. In the meantime, the company is pressing the Canadian government for better Covid-19 testing at airports so that it can relax the mandatory 14-day quarantine for travelers coming into the country.
