Coronavirus: Pubs and restaurants stocks rebound with new restrictions better than feared

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Hospitality stocks recovered some of Monday’s losses since the new round of restrictions seems better than feared.

Prime Minister Boris Johnson announced further measures in a meeting at the House of Commons on Tuesday as the UK grapples with increasing COVID-19 infections.

READ: Coronavirus: Hospitality sector under pressure as UK mulls over potential clampdown on socialising

UK residents were encouraged to work from home while pubs and restaurants will have a 10pm curfew from Thursday onwards.

It will be mandatory to wear face masks for retail staff who face fines for breaking the rules.

“I’m sorry to say that as in Spain and France and many other countries, we have reached a perilous turning point,” Johnson told MPs, adding there will not be a return to the full lockdown of March.

Johnson is also due to address the nation in a pre-recorded message on Tuesday at 8pm.

Ministers have been considering what exemptions to the ‘rule of six’ could be dropped, such as indoor sporting events and concert venues, The Times reported.

For example, the maximum number of guests allowed at weddings could be cut to 15 from 30.

Health officials warned on Monday daily cases could hit 50,000 by mid-October if no further action is taken.

Chief Medical Adviser Chris Whitty noted “unnecessary links between households” need to be broken “break because that is the way in which this virus is transmitted.”

London-listed pubs were doing better than on Monday, with Mitchells & Butlers (LON:MAB) up 10% to 131.42p, Marston’s (LON:MARS) up 7% to 41.69p, JD Wetherspoons (LON:JDW) up 2% to 788p, Young’s (LON:YNGA) up 1% to 925.5p though Fuller, Smith & Turner (LON:FSTA) shed 5% to 536p.

Food venues were perhaps more disappointing, with Restaurant Group (LON:RTN) up 3% 46.5p, Franco Manca owner Fulham Shore (LON:FUL) up 1% to 7.7p while Loungers (LON:LGRS) dipped 2% to 145.5p.

–Adds Johnson’s statements–

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