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Carnival share price: what’s the latest after cruise business suspends voyages?

The tour operator has seen its shares plummet due to the coronavirus, with the stock likely to fall further this week after its cruise business has suspended voyages for another month because of the pandemic.

Carnival Corporation shares have plummeted due to the coronavirus, with the company’s stock likely to fall further in April after it announced that its cruise business will suspend voyages for another month because of the pandemic.

On 16 March, the tour operator said that it would suspend trips for Cunard, Prince Cruises and other divisions, with the company telling investors on Monday that it will extend the suspension until 15 May, despite originally hoping to restart voyages on 11 April.

‘The impact of Covid-19 is affecting personal routines and businesses as well as placing significant travel restrictions around the world,’ Cunard President Simon Palethorpe said.

‘It is too soon to know exactly how this situation will evolve ... The Cunard team will commit all our resources, energy and talent to weather this storm and come out stronger than ever.’

Looking to trade Carnival and other travel industry stocks? Open a live or demo account with IG today?

Carnival shares down 75% amid Covid-19 pandemic

Carnival shares are down 75% year-to-date as a result of the Covid-19 pandemic, with the stock falling to a low of 620p a share on 18 March.

Since hitting that low, the stock has rose by 630p to £12.35 a share on 23 March, with the company’s share price buoyed by financial stimulus and other emergency measures by global governments aimed at limiting the economic impact of the virus.

However, the stock closed 20% lower on Friday to 981p a share, with those losses extended this week with Carnival falling 10% on Monday.

Carnival closed at 909p a share on Monday.

You can go long or short Carnival and other assets with IG using derivatives like CFDs and spread bets.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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