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Europe close: French and Spanish issues miss out on small bounce

By Alexander Bueso

Date: Tuesday 22 Sep 2020

Europe close: French and Spanish issues miss out on small bounce

(Sharecast News) - European stocks finished the Tuesday session on a mixed note despite the sell-off endured over the previous three sessions with French and Spanish shares weaker due to concerns around the still quickly rising number of Covid-19 infections in both.
By the end of trading, the pan-European STOXX 600 index edged up 0.2% to 357.55, alongside a rise of 0.41% for the German Dax taking it to 12,594.39 while the FTSE Mibtel put in a small 0.54% bounce to 18,895.59.

Insurance was under the most selling pressure, with the Stoxx 600's sector gauge falling 1.6% while Travel&Leisure names dropped 1.08%.

For his part, UK Prime Minister Boris Johnson announced new restrictions including a 10 p.m. curfew for pubs, bars, restaurants and other hospitality venues across England as the number of novel coronavirus cases increases.

Pub owners JD Wetherspoon, Mitchells & Butlers and Marston's all fell on the news.

Premier Inn-owner Whitbread dropped after announcing 6,000 job cuts in its hotel and restaurant units, as the pandemic battered the travel and hospitality sectors.

Insurer Beazley meanwhile plumeted 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 surged 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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