IAG and Meliá once again star in the biggest falls of the Spanish selective, closing a week in which both values related to the tourism sector have not managed to raise their heads. In the session this Friday, their shares are left around 5%, affected by outbreaks, rumors of confinement and warnings of collapse in the health system.
According to data from the Ministry of Health, Spain registered nearly 3,000 new infections of Covid-19 this Thursday, doubling the figure of the previous day. After this, the director of the Center for the Coordination of Health Alerts, Fernando Simón, had to deny that the idea of approving a new general confinement of the population is being considered, something that he crossed out as "a hoax".
For their part, from the health field they have been warning for days that the situation in hospitals is beginning to be worrying and close to collapse before the arrival of more and more sick people. In fact, the General Council of Official Associations of Physicians of Spain recognize that "The thing does not look good".
To all this we must add the restrictions on tourists still imposed by some countries. For example, recently Greece and Italy have announced that travelers from various countries, including Spain, will be asked to test negative for coronavirus. In addition, the United Kingdom has ensured that will also impose quarantine to those traveling from France, which has put some downward pressure on travel and leisure stocks in early trading this morning, with EasyJet shares, along with Ryanair and TUI, pulling back.
Moreover, France has reacted to this measure saying that it regrets the British quarantine and that will impose reciprocal measures. In short, a cluster of circumstances that have given the finishing touch in the stock market to securities such as IAG and Meliá, which have already been affected since the pandemic was decreed.
According to the technical analyst of Bolsamanía, José María Rodríguez, Meliá "continues to be a very bearish value in all terms", and "the small signs of strength within the impeccable background downtrend have been eliminated", therefore than "It cannot be ruled out that it will return to the lows of the year". As for the conglomerate of airlines, among which is Iberia, he believes that "under normal conditions this type of divergence, with its logical corrections, tends to bring with it significant rebounds in the price."
The latest forecasts from the International Air Transport Association (IATA) do not invite optimism and according to IATA, which updated its forecasts a few weeks ago, the sector will not return to pre-coronavirus activity levels until 2024 and over the next year, air traffic will remain 30% below the levels recorded in 2019.
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