The coronavirus outbreak caused the worst stock price drops in the last few decades, wiping billions of dollars in the value of companies across all markets and industries. According to data gathered by BuyShares.co.uk, the market cap of the three largest tech companies trading on the London Stock Exchange amounted to $120.4bn last week, a $14.9bn plunge since the beginning of the year.
IBM Market Cap Stumbled by $14.64bn Since January
As the leading tech company listed in London, the multinational computer technology and IT consulting corporation, IBM has witnessed the most significant drop in the market cap value in the first half of 2020. In January, the market capitalization of the US tech giant amounted to $119.04bn, revealed the YCharts data.
After the Black Monday crash, this figure plunged to $84.19bn in the third week of March. Statistics show that in the next two months, IBM's market cap rose to $111.47bn. However, June and July brought a decrease with the market cap falling to $104.40bn last week, a $14.64 drop since the beginning of the year.
Just Eat Takeaway Market Cap Rose by $1.1bn
The second-largest tech company trading on London Stock Exchange, Just Eat Takeaway, has also witnessed a drop in the market cap value amid the COVID-19 outbreak. In January, the market cap of the leading European food delivery app amounted to $5.69bn. By the end of March, this figure dropped to $4.82bn, a 15% fall in two months.
However, in the next few weeks, the UK-based company's stock price started rising with the market cap jumping to $6.48bn in the second week of April.
In June, the company announced its plan to buy the top food delivery service in the United States, Grubhub, to develop the world's largest food delivery company outside China. Statistics show Just Eat Takeaway market capitalization amounted to $6.79bn last week, a $1.1bn increase since the beginning of the year.
Sage Group Lost $1.36bn in Value Since January
The British enterprise software company, Sage Group, ranked as the third-largest tech company listed in London. Statistics show that in January, the market capitalization of the UK-based multinational company amounted to $10.60bn. After the Black Monday crash, this value tumbled to $6.95bn in March, a 35% plunge in two months.
However, the next two months brought a recovery, with the market capitalization rising to $9.69bn in May. Statistics indicate this value fell to $9.24bn last week, a $1.36bn decrease in the last six months.