A new age dawns upon us: reopening! Hopefully it is the start of the return to normality. It is to enjoy the summer knowing that well over half of the population has now been vaccinated, and that with every day we are moving closer to our old routines.
How the market will react to this is anyone’s guess. Historically, the announcement of the previous lockdowns marked to the day the market bottoms. Does that mean that once we are officially opening up on 12 April the market will sell off?
Restaurants, bars, and gyms (amongst others) will all open and resume trading. But with stocks such as Greggs (GRG) trading close to market highs with much poorer prospects for the year and JD Wetherspoon (JDW) also within 20 per cent of its all-time high despite two rounds of dilution, one has to ask: how much of this is priced in?