Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

FTSE 100 skids after PM Johnson gets coronavirus

share with twitter share with LinkedIn share with facebook
03/27/2020 | 08:33pm EDT
FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London

London's main share index fell sharply on Friday as Prime Minister Boris Johnson became the first world leader to test positive for coronavirus, which claimed more lives in Britain.

After a three-day surge driven by government and central bank measures to lessen the blow from the coronavirus crisis, the blue-chip FTSE 100 fell by 5.3%.

Losses accelerated after Johnson's announcement that he is self-isolating in London, but he would still lead the British government's response to the pandemic.

"It's a gut reaction by markets which is not justified by what's happened," Rupert Thompson, chief investment officer at Kingswood said of the FTSE's fall.

The World Health Organization said the coronavirus has infected more than half a million people and killed 20,000 globally, while Britain has recorded more than 14,500 cases and 759 deaths.

Businesses also took a hit, with fashion chain Next slumping 11% as it shut its online business, cutting off its remaining source of revenue.

Carnival Corp slid 21%, with traders pointing to news that the $2 trillion U.S. aid package may exclude cruise liners not registered in the United States.

Global stock markets had some respite this week as central banks and governments ramped up stimulus measures. The British government said on Thursday it would pay a taxable grant to self-employed people affected by the pandemic.

"You've got two big forces in opposing direction in play - you've got massive monetary and fiscal stimulus trying to offset a massive fall in activity - which one wins out is hard to tell," said Thompson.

Homebuilders Taylor Wimpey and Persimmon dropped 9% and 11% respectively after the government urged people to avoid moving house during the outbreak.

Shares in one of Britain's largest housebuilders, Redrow, fell 8.6% after the company said it was in talks with six banks to secure additional credit and had applied to the Bank of England's scheme for financing support.

The midcap index fell 4%, with doorstep lender Provident Financial sliding 13% after it stopped face-to-face visits due to the coronavirus lockdown and withdrew its 2020 targets.

Royal Mail fell 18% after saying it had delayed its turnaround plans and had also cancelled its dividend and suspended its forecasts for next year.

(Reporting by Sruthi Shankar and Devik Jain in Bengaluru; Editing by Shounak Dasgupta, Anil D'Silva and Alexander Smith)

By Sruthi Shankar and Devik Jain

Stocks mentioned in the article
ChangeLast1st jan.
CARNIVAL CORPORATION & PLC -2.93% 15.88 Delayed Quote.-68.76%
CARNIVAL PLC -2.29% 1002 Delayed Quote.-71.86%
DOMINO'S PIZZA GROUP PLC -1.01% 315.2 Delayed Quote.-0.56%
LINE CORPORATION 1.83% 5570 End-of-day quote.4.11%
NEXT PLC -4.61% 4798 Delayed Quote.-28.33%
PERSIMMON PLC -2.00% 2259 Delayed Quote.-14.47%
PROVIDENT FINANCIAL PLC -1.62% 169.8 Delayed Quote.-62.24%
REDROW PLC -3.44% 427.2 Delayed Quote.-40.62%
ROYAL MAIL PLC -0.64% 172.05 Delayed Quote.-23.95%
TAYLOR WIMPEY PLC -4.36% 137 Delayed Quote.-25.93%
THE GLOBAL LTD. 0.97% 209 End-of-day quote.-55.63%
THE LEAD CO., INC. -1.39% 356 End-of-day quote.-8.72%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
WORLD CO., LTD. -1.19% 1496 End-of-day quote.-44.41%
share with twitter share with LinkedIn share with facebook
Latest news "Markets"
01:22pLONDON STOCK EXCHANGE : UK stocks slide on COVID-19 concerns, FTSE 100 erases weekly gains
01:02pEUROPE : European stocks slide as surge in virus cases hits rebound hopes
12:26pEuropean Stocks Drift Lower With U.S. Markets Shut
10:59aEuropean Stocks Drift Lower With U.S. Markets Shut
09:42aEuropean Stocks Drift Lower With U.S. Markets Shut
08:16aWALL STREET STOCK EXCHANGE : Everything is not what it seems…
08:07aEuropean Stocks Waver With U.S. Markets Shut
06:17aEuropean Stocks Waver With U.S. Markets Shut
Latest news "Markets"