Capital markets and perceptions of sectoral sensitivity to COVID-19

This article analyzes the performance of industry sub-indices during COVID-19 pandemic, done on basis evolution rates return for 247 indices from 15 European countries in 2020. Differences between achieved and main stock all examined were estimated. Additionally, volatility individual sector over was calculated. allows us to draw following conclusions. Firstly, investors considered tourism oil gas financial sectors be among industries most vulnerable COVID-19. Secondly, need transfer business Internet accelerate digital transformation are prerequisites investors’ decisions increase share technology companies their portfolios. On other hand, growing uncertainty is impacting providers food necessities. Due administrative constraints put passenger transport activities, demand leisure goods increased rapidly, which translated into results quotations entities responsible production. The pandemic crisis, contrary symptoms observed Q1 2020 analysts’ expectations, did not adversely affect industrial Finally, general, behavior Russian market similar that economies. However, three sub-sectors, reaction different.