London Stocks Sink as New Coronavirus Strain Shuts UK

Dec 21 (Reuters) – London’s blue-chips slumped on Monday to a near three-week low as a fast-spreading new coronavirus strain prompted tougher restrictions, while a fresh ban on UK travellers hammered airline and oil stocks.

The FTSE 100 fell 2.1% to touch its lowest since Dec. 2, though a near 2% plunge in the pound capped losses on the exporter-heavy index.

BP and Royal Dutch Shell were the biggest drags on the index, shedding almost 5% each as crude prices slumped on worries about fuel demand.

British Airways-owner IAG, Wizz Air Holdings and easyJet fell between 11% and 16%, while InterContinental Hotels Group dropped 4% as many of Britain’s European neighbours imposed a ban on travel to the United Kingdom.

The domestically focused FTSE 250, considered a barometer for Brexit sentiment, shed 2.8% with no Brexit trade deal in sight.

Brexit-sensitive banking stocks such as Lloyds and Barclays tumbled over 5%.

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Subhranshu Sahu)

Source: Reuters

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News