WestJet Performance: WestJet's financial health (revenue, profit margins, debt) directly impacts WN.TO. Strong performance usually boosts stock value.

Air Travel Demand: General demand for air travel, affected by economic conditions, tourism trends, and seasonality, influences WestJet's revenue and thus its stock price.

Fuel Costs: Jet fuel is a significant operating expense. Fluctuations in fuel prices significantly affect WestJet's profitability and investor confidence.

Competition: Competition from other airlines (Air Canada, discount carriers) can impact market share and pricing, affecting WestJet's financial performance.

Economic Conditions: Overall economic health (GDP growth, unemployment rates) impacts consumer spending on travel, indirectly affecting WestJet's stock.

Regulatory Environment: Government regulations related to aviation safety, emissions, and passenger rights can impact WestJet's operating costs.

Geopolitical Events: Global events like pandemics, political instability, or terrorism can significantly disrupt air travel and impact WestJet's stock price.