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Jet2 Shares Fall 9.2% As the UK Heads for National Lockdown on Rising COVID-19 Cases

Simon Mugo trader
Updated 2 Nov 2020

Practice Stock Trading
Jet2 planes

Shares of Jet2 PLC (LON: JET2) today fell up to 9.2% as the UK seems to be headed for a national lockdown due to the rising coronavirus cases in the country and across Europe.

Lockdowns in the UK and across Europe are likely to derail Jet2’s plans to resume many of its flight destinations after it resumed flights to Crete in Greece along with flights to the Canary Islands.

The British Prime Minister Boris Johnson is hesitant to announce a nationwide lockdown given that the backbenchers in his ruling Conservative Party are opposed to the idea and want the current measures to end on December 2.

However, the Prime Minister might not have a choice given that coronavirus infections in the UK have been rising as the second wave spreads and other European countries such as Germany, Spain, France and Italy have already announced new lockdown measures.

These measures are set to hit the global airline industry hard given that the industry was just starting to recover after months of lockdown. Jet2 is likely to feel the pinch but could fare much better than its competitors due to its niche leisure travel market and solid fundamentals.

Jet2 share price

Tradingview chart of Jet2 share price 02112020

Jet2 shares today fell 9.22% to trade at 772p having dropped from Friday’s closing price of 850.5p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading