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Rising Covid cases dampen hopes of recovery and leave investors wary

Rising Covid cases in Europe and the US dampened hopes of a recovery, leaving investors wary of shares and hitting travel stocks.

DUBLIN

Airline Ryanair Holdings fell 6.54 per cent to €14.655 on fears that rising virus rates would prompt the UK to impose quarantines on passengers arriving from some European countries and general concerns about travel. Hotel group Dalata was off 3.85 per cent at €3.50.

Dealers in Dublin noted “there was a lot of red on the screen” following a day when most leading names stocks were down.

CRH retreated 4.39 per cent to €39.84 as construction-related stocks gave up some of the gains made in recent days. Insulation and building materials group Kingspan was down 1.37 per cent at €83.70.

Paddy Power and Betfair owner Flutter Entertainment slid 2.75 per cent to €137.70 despite announcing a debt refinancing. Dealers said betting stocks were generally weak on Monday.

Food names also performed poorly. Glanbia fell 2.73 per cent to €14.26. Kerry Group was down 1.44 per cent at €120.20.

LONDON

Aer Lingus and British Airways owner International Consolidated Airlines’ Group (IAG) slid 5.23 per cent to 159p sterling as fears grew once again that further UK travel curbs could hit its industry.

Ryanair rival Easyjet tumbled 6.6 per cent to 770p on the same concerns. The stock was down more than 7 per cent at one point during Monday’s trade.

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