Europe open: Shares steady despite new Covid restrictions
By Frank Prenesti
Date: Tuesday 22 Sep 2020
(Sharecast News) - European stocks were steadier on Tuesday after a sell-off in the previous three sessions despite weaker travel and insurance sectors over concerns of new coronavirus restrictions in the UK and higher claims provisions.
The pan-European STOXX 600 index rose 0.49%, with all major bourses also holding steady.
UK Prime Minister Boris Johnson was set to announce new restrictions that includes closing of pubs, bars, restaurants and other hospitality venues at 10pm across England as the number of cases increases.
Pub owners JD Wetherspoon, Mitchells & Butlers and Marston's all fell on the news.
Premier Inn-owner Whitbread fell after announcing 6,000 job cuts in its hotel and restaurant units, as the pandemic battered the travel and hospitality sectors.
Insurer Beazley fell sharply after it said Covid-19 claims are set to double from the $170m expected in April, mainly due to event cancellation losses. Rivals Direct Line and Hiscox were also lower
B&Q owner Kingfisher rallied after it posted a 23.1% jump in first-half adjusted pre-tax profit thanks to a strong sales recovery in the second quarter as more people took on DIY during the lockdown.
Online supermarket Ocado and food delivery services HelloFresh and Just Eat Takeaway were also in the black as demand for their services was expected to increase amid tighter Covid-19 restrictions.
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