Coronavirus: EasyJet Falls From FTSE 100 After Epidemic Reaches Market Value | Economic news

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EasyJet moved out of the top-notch FTSE 100 after its market value was affected by the coronavirus epidemic.

EasyJet has lost nearly 45% of its value this year, while its companion faller Carnival is down more than 67% due to a massive drop in travel demand during the pandemic.

FTSE Russell, the global index provider, has confirmed that the two companies will be relegated to the FTSE 250, along with the owner of British Gas Centrica and the engineering company Meggitt.

They make way for computer software company Avast, gambling company GVC Holdings, emergency repair company Homeserve and retailer Kingfisher.

The changes will be implemented at the close of business on Friday June 19 and will take effect from the start of negotiations on Monday June 22.

Tuesday, when it seemed likely that easyJet Emerging from the highest index, Russ Mold, chief investment officer at AJ Bell, said the airline could return later this year.

He said: “EasyJet would need a big rally, but it could come back in September (when the next reshuffle is scheduled).

“With airlines, anything is possible. “

Tuesday, easyJet announced that it will operate 75% of its routes in August.

Carnival declined to comment, and Sky News also asked easyJet for a response.

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The news came as UK stocks closed at three-month highs following encouraging data from the world’s two largest economies – the United States and China.

The FTSE 100 and FTSE 250 both added about 2.6% on Wednesday.

Airlines were even able to ignore concerns about UK government’s planned quarantine for arriving air passengers – easyJet finished up 8.2%, Ryanair gained 5.9%, Wizz Air increased 5.4% and owner of British Airways IAG increased 11.4 %.

Michael Baker, an analyst at ETX Capital, said: “The economy is slowly returning to production.

“It looks like we could have a much quicker recovery than previously planned.

“We are crossing key levels, and we are a little further and further from where we were before the pandemic. There are aggressive purchases upstairs. “

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