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Between the Lines Week 23 UK: For retail clients. Rest of Europe and Singapore: For sophisticated investors only. Between Week the lines 23 cut costs and restructure its business. Carnival has experienced similar pressure in recent months, with cruises in general having been depicted as a source for a number of outbreaks. More recently travel and tourism stocks had moved higher as countries began easing lockdown restrictions and setting tentative dates for tourists to return, but the recent rally appeared to be too late for easyJet and Carnival to keep their FTSE 100 positions. Credit: william87/iStock Meanwhile, stocks being promoted to the large-cap index included cybersecurity Travel stocks lose out in FTSE 100 reshuffle firm Avast, gambling company GVC, Budget airline easyJet and cruise It was broadly expected that travel and which owns Ladbrokes and Bwin, and Kingfisher, the parent company of B&Q operator Carnival are two of the stocks set tourism companies would bear the and Screwfix, which appears to have to be demoted from the FTSE 100 index, brunt of any changes due to the global lockdown measures. benefited from more people taking on after their share prices were hit hard by DIY projects in lockdown. the coronavirus pandemic. easyJet had only returned to the FTSE 100 index in December 2019, however, The quarterly reviews of which companies The results of the quarterly review of the the travel lockdown caused by the exit or enter the FTSE 100 index, are UK’s index of 100 largest companies was coronavirus pandemic saw the airline designed to be impartial, driven by a announced on Wednesday (3 Jun) after ground its fleet, with the share price specific set of rules, to ensure the indices the market close, with energy supplier losing almost two-thirds of its value continue to portray an accurate reflection Centrica and engineering firm Meggitt during the peak. At the end of May of the market they represent. joining easyJet and Carnival in being it announced plans to shrink its fleet moved down to the FTSE 250 index. The latest changes to the indices will take and cut up to 30% of its workforce to effect from Monday 22 June. Zoom sees 169% Quilter Market increase in sales Explainer: ESG Video conferencing business investing in the Zoom saw its sales revenue new normal jump 169% year-on-year to $328.2m for the three months In response to the severe to 30 April, driven by a rapid market volatility that has increase in demand as the accompanied the outbreak of coronavirus pandemic has resulted in more remote working. the global coronavirus pandemic, Quilter has launched the Quilter Market Explainer, It attributed the growth to a 71% increase in subscriptions a special fortnightly webcast for advisers and clients. during the three months, and revealed it recorded a peak of 300 million daily participants in April, compared with 10 million All our previous broadcasts in this series are available on in December. demand, to listen please click on the play button. However, the rapid growth meant the company has faced The next Explainer will air at midday on 12 June, featuring increased scrutiny, with founder Eric Yuan acknowledging that experts from across Quilter discussing how the coronavirus has it had addressed specific security and privacy issues during the affected investors focused on concerns around Responsible period. Investment. In the results presentation Zoom noted the current With the global lockdown measures having seen an environment had expanded its opportunities, and it had raised improvement in air quality and pollution levels in the likes of its sales revenue forecast to between $1.75-1.8bn for the China, will this be a turning point for Environmental, Social and financial year. But it also cautioned that the “impact and extent Governance (ESG) investing or sustainable investment themes? of the crisis and its associated economic concerns remain Click here to register largely unknown” and the forecasts could be subject to change. UK: For retail clients. Rest of Europe and Singapore: For sophisticated investors only. Important information This communication is issued by Quilter provided in relation to the accuracy, Investors Limited (“Quilter Investors”), completeness or reliability of the information Millennium Bridge House, 2 Lambeth Hill, contained herein, nor is it intended to be a London, England, EC4V 4AJ. Quilter Investors complete statement or summary of the is registered in England and Wales (number: securities, markets or developments referred 04227837) and is authorised and regulated to in the document. by the Financial Conduct Authority (FRN: Any opinions expressed in this document are 208543). subject to change without notice and may This communication is for information differ or be contrary to opinions expressed by purposes only. Nothing in this other business areas or companies within the communication constitutes financial, same group as Quilter Investors as a result of professional or investment advice or a using different assumptions and criteria. personal recommendation. This Quilter Investors is not licensed or regulated communication should not be construed as a by the Monetary Authority of Singapore solicitation or an offer to buy or sell any (“MAS”) in Singapore. This document has not securities or related financial instruments in been reviewed by MAS. any jurisdiction. No representation or warranty, either expressed or implied, is QIL-192-20/220-0663/SK18218.
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