By Steve Goldstein, MarketWatch
U.K. stocks skidded lower on Thursday on worries markets have climbed too quickly in the face of the coronavirus pandemic still keeping most economies shut.
The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -1.53% dropped over 2%, with 94 of its components losing ground.
Through Wednesday, the FTSE 100 has climbed 18% from its March lows. On Wednesday, data released by the U.K. government showed the economy fell by 5.8% in March when there was just over a week of lockdown.
Decliners included those invested in the stock market, with M&G /zigman2/quotes/214468176/delayed UK:MNG -1.18% , Prudential and Legal & General /zigman2/quotes/201125471/delayed UK:LGEN -1.05% each dropping sharply. Prudential /zigman2/quotes/200530572/delayed UK:PRU -1.38% said it was considering other options besides an initial public offering for its Jackson insurance arm in the U.S., as Asian sales fell 24% in the first quarter.
Hargreaves Lansdown /zigman2/quotes/201025857/delayed UK:HL -0.28% climbed 5%, as the U.K. investment firm reported net new business of £4.0 billion in the four months ending April 30.
3i Group /zigman2/quotes/202254899/delayed UK:III -1.06% was another advancer, as the private-equity firm reported a smaller-than-expected decline in net asset value.