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Stock prices of luxury watch groups rise as Coronavirus spread slows

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Share prices for the major luxury conglomerates have risen sharply this week as hopes rise that the spread of Covid-19 Coronavirus is being contained.

Asia is slowly emerging from lock down conditions with manufacturing, retail and other economic activity gradually resuming in markets including China, Hong Kong, Japan and Singapore.

Europe and the United States are still enduring strict stay at home guidelines, but the peak in the number of new Covid-19 cases and deaths appears to have peaked a few days ago in countries such as Spain, Italy, Germany and France.

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The UK is expected to hit its peak within the next 7-10 days and the worst affected states of the United States are on a similar trajectory.

Swatch Group’s share price today rose more than 5% to CHF 206, significantly above the CHF 160 it dipped to in mid-March.

Richemont stock is up over 6% today at CHF 55, although still well down on its 52-week high of CHF 88.

LVMH, home to TAG Heuer, Zenith, Hublot and Bulgari, has seen its share price fall from a 52-week high of €439 to a low of €288 on March 18. It has recovered to €352 today.

On the retail side, The Watches of Switzerland Group, with its network of stores in the UK and United States, has seen its share price jump by more than 11% today. Its stock market price has dropped by more than half over the course of the Coronavirus outbreak from £390 to £180 but recovered today to £214.

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Tags : CoronaviruslvmhRichemontswatch groupThe Watches of Switzerland Group
Rob Corder

The author Rob Corder