Bulletin
Investor Alert

New York Markets Open in:

London Markets Archives | Email alerts

March 6, 2020, 10:02 a.m. EST

FTSE 100 tumbles sharply as coronavirus rout continues

Anglo American slumps on woes for platinum miner

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FTSE 100 Index (UKX)
  • X
    British Pound (GBPUSD)
  • X
    Dow Jones Industrial Average (DJIA)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer, MarketWatch


Getty Images

London stocks suffered bruising losses on Friday, as coronavirus worries continued to weigh on global financial markets, with a big drag from oil companies as Russia resisted OPEC calls for larger production cuts.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.09%  fell 3.4% to 6,475.86, and was headed for a 1.5% weekly drop. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.4356%  rose 0.3% against the dollar to $1.2998, with a 1.3% gain for the week as investors have backed away from the U.S. dollar. European stocks tumbled and the Dow industrials /zigman2/quotes/210598065/realtime DJIA +0.13%   tumbled over 800 points as investors dismissed strong February jobs data, looking ahead to a potential threat to hiring from the coronavirus.

Read: Dow risks longest Friday losing streak in 14 year over coronavirus

Cases of the illness have now surpassed 100,000 as the director-general of the World Health Organization Dr. Tedros Adhanom Ghebreyesus said now was the time to “pull out all the stops” and fight to contain the epidemic.

“This tension is likely to remain front and center until we get some evidence that the virus can be contained. Central banks have already begun to cut interest rates and further action is expected over the coming months to help businesses and economies,” said Russ Mould, investment director at AJ Bell.

In the U.K., British Airways said two staff members had tested positive for the virus. Shares of International Consolidated Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -1.52%  , which operates the airline, fell 5% in London.

Cineworld Group PLC shares /zigman2/quotes/206525056/delayed UK:CINE -1.43%  tumbled 6%, as investors continued t o sell the stock after the company had to delay the open of the latest film in its James Bond movie franchise — “No Time to Die.”

Shares of Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL +0.24%  were among the biggest decliners, tumbling 10% after Anglo American Platinum Ltd. declared force majeure after an explosion caused damage to a processing plant in South Africa last month. The company slashed full-year guidance by around 20%.

West Texas Intermediate crude for April delivery  dropped $2.04, or 4.6%, to $43.86 a barrel, while global benchmark Brent crude , fell $1.95, or 3.9%, to $48.02 a barrel on ICE Europe, after hitting the lowest intraday level for a most active contract since July 2017, according to FactSet.

News reports said Russia, a key OPEC ally, resisted the cartel’s plea for extra production cuts through the end of this year. OPEC ministers on Thursday agreed on a call that would see the cartel cut production by a further 1 million barrels a day, while OPEC allies, led by Russia, would reduce output by an additional 500,000 barrels.

Shares of oil majors Royal Dutch Shell Group PLC /zigman2/quotes/205095589/composite RDS.A -0.19%   /zigman2/quotes/206428183/delayed UK:RDSA -1.46%  and BP PLC /zigman2/quotes/207305210/composite BP -1.45%   /zigman2/quotes/202286639/delayed UK:BP -2.85%  slid around 3% each.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,361.76
-5.82 -0.09%
Volume: 276,100
Nov. 30, 2020 1:49p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3372
+0.0058 +0.4356%
Volume: 0.0000
Nov. 30, 2020 9:03a
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,910.37
+37.90 +0.13%
Volume: 178.10M
Nov. 27, 2020 2:07p
loading...
/zigman2/quotes/208070069/delayed
UK : U.K.: London
158.40 p
-2.45 -1.52%
Volume: 17.59M
Nov. 30, 2020 1:48p
P/E Ratio
N/A
Dividend Yield
6.64%
Market Cap
£7.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206525056/delayed
UK : U.K.: London
57.86 p
-0.84 -1.43%
Volume: 10.36M
Nov. 30, 2020 1:48p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£805.83 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,271.00 p
+5.50 +0.24%
Volume: 790,182
Nov. 30, 2020 1:48p
P/E Ratio
17.00
Dividend Yield
2.47%
Market Cap
£27.96 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 36.27
-0.07 -0.19%
Volume: 2.60M
Nov. 27, 2020 5:00p
P/E Ratio
N/A
Dividend Yield
4.48%
Market Cap
$137.38 billion
Rev. per Employee
$4.11M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,319.80
-19.60 -1.46%
Volume: 1.78M
Nov. 30, 2020 1:48p
P/E Ratio
N/A
Dividend Yield
0.04%
Market Cap
£102.94 billion
Rev. per Employee
£3.21M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 21.10
-0.31 -1.45%
Volume: 9.84M
Nov. 27, 2020 5:00p
P/E Ratio
N/A
Dividend Yield
8.86%
Market Cap
$70.54 billion
Rev. per Employee
$3.99M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
255.40 p
-7.50 -2.85%
Volume: 17.63M
Nov. 30, 2020 1:48p
P/E Ratio
N/A
Dividend Yield
6.16%
Market Cap
£52.86 billion
Rev. per Employee
£3.11M
loading...

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.