Fastjet suspends Zimbabwe operations amid coronavirus lockdowns

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Africa-focused airline Fastjet PLC saw its shares descend 13.8% to 0.12p in lunchtime trading after the group suspended off all of its flight operations in Zimbabwe following the enactment of coronavirus travel restrictions and lockdowns both in the country and in South Africa.

The airline said the suspension will last from Friday until 16 April, during which the majority of its workers will be working from home or on leave.

The company also warned its FedAir business was seeing “significant deferrals of existing bookings to late 2020” and away from the traditional high seasons of Easter and summer.

Also on the way down was housebuilder Bellway PLC, which dipped 2.3% to 2,024p as it postponed its dividend and said the UK’s coronavirus lockdown presents a “threat to liquidity” across the economy.

The housebuilder said the government’s measures to prevent the movement of people to limit the spread of the epidemic created “a significant risk to production capability and customer demand in the weeks and months ahead”, with reservation rates already weakening in the last two weeks.

In the risers, esports firm Gfinity PLC was the second-best performer in the market, rocketing 89.5% to 1.8p after it signed a deal with in-game advertising group Bidstack Group PLC  and ad tech platform Venatus Media to generate additional revenue from its websites.

The esports firm said, from April 1, Bidstack and Venatus will work together to sell advertising space on its RealSport101 and Gfinityesports platforms. This will include solutions such as programmatic advertising, bespoke video and audio-based promotions and brand site takeovers, which Gfinity said will “significantly” increase the opportunity for additional revenue.

Source: Proactive