London's FTSE 100 fell for a second straight day on Thursday as investors worried that a recovery from a coronavirus-led economic slump would be slower than expected even as several hard-hit countries started easing lockdowns.
The blue-chip FTSE 100 was down 1.5%, with battered energy and travel and leisure stocks leading declines. The mid-cap FTSE 250 shed 1.4%.
Insurance stocks fell 1.3% after Lloyd's of London said it was likely to pay up to $4.3 billion in claims related to the COVID-19 pandemic, while underwriting and investment losses for the global non-life insurance sector could reach a record $203 billion.
The two main UK stock indexes have now given up all the gains made this month as hopes of a speedy revival in business activity were dashed after US Federal Reserve Chair Jerome Powell warned of an "extended period" of weak economic growth.
WH Smith reported an 85% slump in group sales in April, although a 400% rise in online book sales helped offset some of the damage from the closures of its kiosks and stores, sending its shares slightly higher in morning trading.
Fund supermarket Hargreaves Lansdown jumped 6.9% to the top of the FTSE 100 on higher trading demand from its retail clients and an increase in net new business.
Investment management firm 3i Group Plc rose 2.9% after sticking to its plan to pay a 2020 dividend at a time when a slate of UK companies have cancelled payouts to shore up liquidity.
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