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London stocks hammered as pandemic fears intensify

Published 02/28/2020, 04:16 PM
Updated 02/28/2020, 04:24 PM
London stocks hammered as pandemic fears intensify

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 tumbles 3.2%, FTSE 250 sheds 2.5%
* Both indexes enter correction territory
* Miners, oil majors, airlines lead declines

Feb 28 (Reuters) - UK shares tanked on Friday, with both
benchmark indexes firmly entering correction territory, as fears
mounted that the coronavirus outbreak could turn into a pandemic
and spark a global recession.
The blue-chip FTSE 100 .FTSE fell 3.2% and was on track
for its worst week since the 2008 financial crisis. The index
has now lost about 13% since a recent peak on Feb. 12.
The mid-cap FTSE 250 .FTMC tumbled 2.5%, also eyeing its
biggest weekly decline since 2008, as the spread of the virus
deepened in countries outside China and crippled supply chains.
Trade-reliant miners .FTNMX1770 and oil majors
.FTNMX0530 shed 4% and 3.3%, respectively. The travel and
leisure sector .FTNMX5750 fell 4.1% to its lowest level since
2016, as drastic containment measures cut demand for air travel
and hotels.
British Airways owner IAG ICAG.L tumbled 6.9% to its
lowest level in over four months after the airline said it would
cancel some flights to and from Italy, Singapore and South
Korea.

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