Updated at 17.32 to reflect closing prices

Share prices in a number of travel firms climbed sharply on Monday following news of progress on a Covid-19 vaccine being developed by Pfizer and BioNTech.

Interim results from analysis by the two firms shows the trial vaccine was effective in 90% of cases, with no significant safety concerns raised.

The analysis was based on test of 43,500 people in six countries, and the results exceed what many experts were hoping for.

Albert Bourla, Pfizer chairman and chief executive, said: “Today is a great day for science and humanity. The first set of results from our phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent Covid-19.

“We are reaching this critical milestone in our vaccine development programme at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”

According to the London Stock Exchange website, Jet2’s share price rose from 983.50 at 11.45am to 1,216.00 at 12.15pm, before closing up 28.10% at 1,174.00. Tui’s price climbed from 341.70 to 445.40, before closing up 19.53% at 382.50.

IAG saw its price rise from 115.50 to 148.14 before closing up 25.48% at 130.00, while easyJet climbed from 570.60 to 699.80 at 12.08pm and continued to improve to close up 35.56% at 722.00.

OTA On the Beach rose from 276.00 at 11.45am to 360.00 at 12.14pm, before closing up 29.43% at 343.00.

Meanwhile, cruise giant Carnival climbed from 965.20 to 1233.76 and closed up 37.93% at 1,229.50.

Pfizer and BioNTech plan to apply for emergency approval to use the vaccine before the end of the month, the BBC reported.