High St shares crushed as stores shut their doors

SHARES in some of the biggest High Street names slumped as they shut stores to protect staff and customers from coronavirus.

Even before Boris Johnson ordered the closure of all nonessential shops, retailers took matters into their own hands and pulled the shutters down.

Next temporarily closed its 700 UK stores last night, while Primark’s 189 shops will be shut ‘until further notice’.

Bakery chain Greggs, which surged last year after unveiling a vegan version of its sausage roll, will shut its 2,000-plus branches by the close of business today, as well as scrapping its dividend and cutting costs by £45m.

The measures – which come as fewer Britons are braving trips to the High Street – hammered shares, with Next diving 11.2pc, or 450p, to 3554p, Primark’s owner

Associated British Foods falling 7.5pc, or 131p, to 1627.5p, and Greggs shares falling 7.8pc, or 110p, to 1300p. Web-based retailers have not been spared from the turmoil either as online clothes and homeware group N Brown (which nosedived 29.7pc, or 7.94p, to 18.8p) confirmed when it cancelled stock orders and the dividend and asked HM Revenue & Customs to postpone all tax bills.

And it was even a mixed bag for companies taking a different tack with the outbreak and pledging to keep stores open.

Shares in WH Smith, which has pledged to keep its 1,200 stores open despite requests from staff, fell 2.9pc, or 27p, to 918p, though B&Q-owner Kingfisher’s stock jumped 13.7pc, or 17.25p, to 143.4p. While retailers struggled with question marks over Government policy, train operators First

Group and Go-Ahead were boosted by ministers stepping in and picking up the bill by effectively renationalising the sector for the near future.

The Department for Transport brought in emergency measures to temporarily suspend franchise agreements, meaning it will cover the costs of running services and pay for the loss of 70pc of passenger revenues.

GTR operator Go-Ahead (up 2.3pc, or 15p, to 665p) and South Western Rail operator First Group (up 4.7pc, or 1.8p, to 40.02p) climbed on the news.

Both companies, along with former rail group Stagecoach (up 8.1pc, or 5p, to 66.4p), separately warned yesterday they could not forecast their profits this year as people stopped travelling on trains and buses. Transport ticketing website

Trainline, which went public in one of last year’s only successful floats, fell 10.2pc, or 23p, to 202.5p, while coach group National

Express slumped 16.5pc, or 22p, to 111.5p. The wider market began the week in the red with the

FTSE 100 down 3.8pc, or 196.89 points, to 4993.89 by the close as traders digested the UK’s partial shutdown. The mid-cap FTSE 250 fell 3.8pc, or 514.63 points, to 13078.01.

Over on AIM, biopharmaceutical group Novacyt soared after being granted emergency use authorisation from the US Food and Drug Administration for its Covid-19 test – meaning it can be distributed to American hospitals and labs immediately – and it also gained approval in Indonesia.

Its shares surged 32.7pc, or 40p, to 162.5p.

And Byotrol (up 33.8pc, or 1.21p, to 4.79p) and Tristel (up 18pc, or 68p, to 446p) both soared as they collaborated to create a surface disinfectant for hospitals.

Esports group Gfinity skyrocketed 82.4pc, or 0.35p, to 0.78p after it secured a deal to host virtual Formula 1 races. The virtual Grand Prix will be played each weekend in place of real races, which have been cancelled due to the pandemic.

SHOE Zone shares slumped 17pc, or 12.5p, to 61p as a longstanding non-executive director abruptly stood down from the board.

Charlie Caminada, who is also a non-executive director at toy maker Hornby, had held the role since Shoe Zone went public in 2014.

Caminada was leaving immediately to pursue other business interests, the firm said.

The shoe chain puts its dividend on hold last week after coronavirus led to fewer shoppers visiting its stores.