Why Brazilian airline shares are hardest hit by the coronavirus panic [Reuters]
Gol Linhas Aereas Inteligentes S.A. Sponsored ADR representing 2 Pfd Shares (GOL)
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Source: Reuters
Why Brazilian airline shares are hardest hit by the coronavirus panic SAO PAULO (Reuters) - The airline stocks that suffered the most after U.S. President Donald Trump barred continental Europeans from traveling to the United States do not even operate flights between those two regions. Brazil’s largest airline, Gol Linhas Aereas Inteligentes, ( GOLL4.SA ) and its smaller rival, Azul SA ( AZUL.N ), saw their shares tumble over 30% on Thursday, a record for each. Year to date, both companies’ New York-traded shares are down more than 70%. To be sure, the world’s top 20 airlines’ shares are all deep in the red this year. But the two Brazilian carriers’ share price losses are in a league of their own. It may seem surprising at first glance, because both are focused on domestic flights within Brazil and only Azul operates direct routes to the United States or Europe. Neither operates flights to Asia. In other words, they are not directly exposed to the worst travel disruptions. But an
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