Netflix stock price boosted by coronavirus

Industry analysts have identified the streaming service as one of the companies set to benefit from the deadly outbreak

Netflix‘s stock price has risen by 0.8 per cent this week, as market analysts suggest that the ongoing coronavirus outbreak may give a boost to the company.

While there are still fears of a global economic recession down the line, Netflix – along with other in-home services – has been identified as a possible short-term beneficiary of the virus.

Naturally, with people forced to stay at home, either through official quarantine or personal caution, many are turning to the popular TV and film streaming service to pass the time.

BMO Capital Market analyst Dan Salmon wrote a research note, which said: “Netflix is an obvious beneficiary if consumers stay home due to coronavirus (COVID-19 virus) concerns, and this has been reflected in considerable stock price outperformance this week.”

The coronavirus has also caused a spike in China’s mobile gaming industry, with many of the most popular games reporting record usage levels.

The virus has now killed more than 2,800 people around the world, and more than 82,000 people have been infected.

Bank of England Governor Mark Carney has said Britain should prepare for a financial fallout from the virus, while Wall Street has endured its biggest one-day drop in nine years.