By Steve Goldstein
There was some rotation on Monday away from stocks that thrived during the COVID-19 pandemic and into the banking sector, as England opened its doors to pubs and hairdressers.
Rightmove /zigman2/quotes/201303150/delayed UK:RMV +1.88% , the U.K. housing website operator, dropped over 3%, the worst performing component in the FTSE 100. Also lower was supermarket delivery company Ocado /zigman2/quotes/207225647/delayed UK:OCDO +3.95% , as well as home-improvement chain Kingfisher /zigman2/quotes/200571451/delayed UK:KGF +0.36% .
U.K. banks, however, advanced, with gainers for Barclays /zigman2/quotes/208409333/delayed UK:BARC +2.51% , NatWest Group /zigman2/quotes/209265718/delayed UK:NWG +1.68% and Lloyds Banking Group /zigman2/quotes/202285510/delayed UK:LLOY +0.76% . The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.6407% also rose.
Monday marked the reopening date for outdoor pubs, shops and hairdressers in England.
The mini rotation came amid a decline for the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.76% , with stocks globally retreating in the face of negative news out of Asia, and in particular India /zigman2/quotes/210597966/delayed IN:1 +0.52% , on coronavirus cases.