Uber and Lyft share prices start to rise after tough month following COVID-19 outbreak

The stock price of both ride-hailing giants Uber and Lyft rose sharply on Thursday after a month of decline caused by the outbreak of COVID-19.

According to CNBC sources, Uber reassured investors that they had enough cash reserves to see them through the coronavirus pandemic.

Officials also highlighted some growth in other areas of the business, especially in its food delivery service UberEats, in-amongst the fall in passengers making trips.

One month ago Uber’s share price stood at $40.92 on 20 February. Since then the global outbreak has hit stock markets hard and saw Uber’s stock price drop to just $14.82 on 18 March.

Yesterday’s announcement saw Uber’s price jump back up to $20.49 and is expected to rally further today.

Uber's biggest rivals Lyft have also experienced similar problems. A month ago Lyft’s share price stood at $45.47 on 20 February, but plummeted to just $16.05 on 18 March.

Yesterday the ride-hailing firm’s share price rose to $20.70 as signs of confidence returns to the transport market.