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Feb. 28, 2020, 8:09 a.m. EST

A handful of stocks rise in London as FTSE 100 pushes further into correction territory

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By Barbara Kollmeyer, MarketWatch


Getty Images
Workers disassemble the core of an aircraft jet engine requiring refurbishing on August 23, 2006 at the Rolls-Royce aircraft engine factory in Berlin, Germany.

The FTSE 100 sank further into correction territory on Friday, as investors sold equities amid fears over the spread of the coronavirus, with Rolls-Royce Holdings almost the only name in the green.

The index /zigman2/quotes/210598409/delayed UK:UKX -2.10%  dropped 3% on Friday, and is now down nearly 11% for the week, the worst weekly performance since the 2008 financial crisis. The FTSE 100 has pushed further into correction territory, defined as a decline of 10% or more from a recent peak, which was 7,877.45 from May 22, 2018. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0310%  slipped 0.1% to $1.2870.

“There is no sign of widespread bargain hunting by investors despite the cut-price shares on offer. That might not happen until there is a clearer picture of how far and wide coronavirus has spread and how different countries are trying to contain it,” says Russ Mould, investment director at AJ Bell, in a note to clients.

Life insurance, transport, retail, mining, travel and leisure were sectors seeing the biggest losses.

Shares of International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -8.59% fell 4% after it posted a 40% fall in net profit for 2019 and said it can’t provide guidance for 2020 due to the coronavirus outbreak. EasyJet /zigman2/quotes/202825892/delayed UK:EZJ -5.89%  shares recovered from an earlier slump to gain 0.4%, after the budget airliner said it would cut costs and cancel flights as the virus has weighed on demand.

Rolls-Royce Holdings /zigman2/quotes/203646520/delayed UK:RR -8.08% , was a long outperformer, with shares up 5% after the engineering company said 2019 losses narrowed and its underlying profit rose in 2019.

“The outbreak of coronavirus represents a macro risk and is likely to have an impact on air traffic growth in the near term; however long-term growth trends remain intact,” the company said.

Shares of grocer J Sainsbury /zigman2/quotes/206038250/delayed UK:SBRY -0.49%  rose 0.4%, another one of the few gainers.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,880.80
-126.25 -2.10%
Volume: 71,779
Sept. 21, 2020 8:24a
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2915
-0.0004 -0.0310%
Volume: 0.0000
Sept. 21, 2020 3:39a
loading...
/zigman2/quotes/208070069/delayed
UK : U.K.: London
101.05 p
-9.50 -8.59%
Volume: 5.43M
Sept. 21, 2020 8:24a
P/E Ratio
N/A
Dividend Yield
10.64%
Market Cap
£5.49 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202825892/delayed
UK : U.K.: London
507.80 p
-31.80 -5.89%
Volume: 551,531
Sept. 21, 2020 8:24a
P/E Ratio
8.35
Dividend Yield
8.65%
Market Cap
£2.45 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203646520/delayed
UK : U.K.: London
165.60 p
-14.55 -8.08%
Volume: 2.80M
Sept. 21, 2020 8:24a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£3.48 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206038250/delayed
UK : U.K.: London
194.05 p
-0.95 -0.49%
Volume: 180,013
Sept. 21, 2020 8:24a
P/E Ratio
33.28
Dividend Yield
1.70%
Market Cap
£4.32 billion
Rev. per Employee
N/A
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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