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May 14, 2020, 6:37 a.m. EDT

FTSE 100 skids on concerns over economy

By Steve Goldstein, MarketWatch


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A passenger wearing a mask walks along the platform at Vauxhall Underground station in London on May 14, 2020, after a partial loosening of the coronavirus lockdown guidelines.

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 (FTSE:UK:UKX)  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 (LON:UK:MNG) , Prudential and Legal & General (LON:UK:LGEN)  each dropping sharply. Prudential (LON:UK:PRU)  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 (LON:UK:HL)  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 (LON:UK:III)  was another advancer, as the private-equity firm reported a smaller-than-expected decline in net asset value.

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