AIRLINK 62.30 Decreased By ▼ -0.18 (-0.29%)
BOP 5.34 Decreased By ▼ -0.02 (-0.37%)
CNERGY 4.50 Decreased By ▼ -0.08 (-1.75%)
DFML 15.45 Decreased By ▼ -0.05 (-0.32%)
DGKC 66.00 Decreased By ▼ -0.40 (-0.6%)
FCCL 17.34 Decreased By ▼ -0.25 (-1.42%)
FFBL 27.62 Decreased By ▼ -0.08 (-0.29%)
FFL 9.20 Decreased By ▼ -0.07 (-0.76%)
GGL 10.07 Increased By ▲ 0.01 (0.1%)
HBL 105.31 Decreased By ▼ -0.39 (-0.37%)
HUBC 121.90 Decreased By ▼ -0.40 (-0.33%)
HUMNL 6.55 Decreased By ▼ -0.05 (-0.76%)
KEL 4.50 No Change ▼ 0.00 (0%)
KOSM 4.35 Decreased By ▼ -0.13 (-2.9%)
MLCF 35.88 Decreased By ▼ -0.32 (-0.88%)
OGDC 123.00 Increased By ▲ 0.08 (0.07%)
PAEL 22.85 Decreased By ▼ -0.15 (-0.65%)
PIAA 30.30 Increased By ▲ 0.96 (3.27%)
PIBTL 5.85 Increased By ▲ 0.05 (0.86%)
PPL 107.74 Increased By ▲ 0.24 (0.22%)
PRL 27.45 Increased By ▲ 0.20 (0.73%)
PTC 17.33 Decreased By ▼ -0.74 (-4.1%)
SEARL 53.09 Increased By ▲ 0.09 (0.17%)
SNGP 63.20 Decreased By ▼ -0.01 (-0.02%)
SSGC 10.67 Decreased By ▼ -0.13 (-1.2%)
TELE 9.10 Decreased By ▼ -0.10 (-1.09%)
TPLP 11.63 Increased By ▲ 0.19 (1.66%)
TRG 70.68 Decreased By ▼ -0.18 (-0.25%)
UNITY 23.72 Increased By ▲ 0.10 (0.42%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,939 Decreased By -5.1 (-0.07%)
BR30 22,766 Decreased By -61.4 (-0.27%)
KSE100 67,114 Decreased By -28.5 (-0.04%)
KSE30 22,083 Decreased By -6.6 (-0.03%)
Markets

London stocks tumble on fears of second virus wave; BP slides

  • The FTSE 100 was down 2.2pc at a three-week low, with BP Plc sliding 4.9pc to the bottom of the commodity-heavy index after saying it would write off up to $17.5 billion in the value of its assets.
Published June 15, 2020

London's FTSE 100 fell more than 2pc on Monday as a record number of new cases of the novel coronavirus in Beijing and underwhelming data from China raised concerns of a slower economic recovery from the COVID-19 pandemic.

The FTSE 100 was down 2.2pc at a three-week low, with BP Plc sliding 4.9pc to the bottom of the commodity-heavy index after saying it would write off up to $17.5 billion in the value of its assets.

The mid-cap FTSE 250 fell 1.4pc, led by declines in mining, banking and energy sectors.

"The market had run up sharply since hitting a low in March, but now investors are getting a reality check (and) are realising the COVID-19 situation is not under control yet," said James McGlew, executive director of corporate stockbroking at Argonaut in Perth.

UK stock markets last week halted a robust two-month rally as optimism around easing coronavirus-induced lockdowns was dulled by a grim forecast by the US Federal Reserve and a resurgence in COVID-19 cases.

Data on Monday showed a weaker-than-expected increase in China's factory production in May, while in Britain, the number of shoppers in high streets, retail parks and shopping centres fell nearly 82pc from a year earlier.

Low-cost airline easyJet shed 2.7pc even as it resumed flying for the first time since March 30. The wider travel sector was off 2.9pc, falling for the fifth session in six.

Recruiting firm SThree slid 1.7pc on reporting lower half-year net fees as the pandemic forced businesses around the world to put a freeze on hiring activity.

Business supplies distributor Bunzl was the sole gainer on the FTSE 100, jumping 4.9pc, as it forecast an increase in revenue for the first half of the year, boosted by robust demand from the grocery, safety and healthcare sectors.

Comments

Comments are closed.