FTSE 100 claws back some losses after yesterday’s £51bn plunge with markets opening 0.3% up by 38 points to 5,820 after 10pm curfew was announced for pubs and restaurants
- Index was 0.3% in the green at opening today following yesterday’s huge fall
- Pub chains and airlines hammered as ministers warned of new lockdown rules
- Meanwhile, the pound slipped to a two-month low against the dollar today
The FTSE 100 clawed back ground this morning after the worst sell off since June saw more than £50billion wiped off the value of Britain’s blue chip companies.
The index was 0.3% in the green at opening today – up 38 points to 5,821 – a day after a £51bn plunge amid a market rout across Europe and America caused by a spike in Covid infections.
Pub chains and airlines were hammered as ministers warned of new rules to limit social contact, while banking shares slid amid fresh claims of money laundering.
The FTSE 100 was 0.3% in the green at opening today – up 38 points to 5,821 – a day after a £51bn plunge amid a market rout across Europe and America caused by a spike in Covid infections
Meanwhile, the pound slipped to a two-month low against the dollar today ahead of the restrictions.
Sterling fell 0.51% to $1.2751 against the dollar, the lowest level since July 24 while the pound was down 0.25% against the European common currency at 92 pence.
Mr Johnson will tell people to work from home and announce new curbs on pubs, bars and restaurants, stopping some way short of a full national lockdown of the sort he imposed in March.
‘Assuming a full two-week lockdown (‘circuit-breaker’) is avoided, the markets may show signs of relief given there has for some time been a strong assumption that full lockdowns like in March-May would be avoided,’ MUFG Research said in a note.
The mid-cap FTSE 250 slipped 4% lower yesterday, with Wagamama-owner The Restaurant Group falling nearly 18%.
Other casualties included JD Wetherspoon – down 9% – while the firm behind Harvester and Toby Carvery, Mitchells & Butlers, shed 15% from its share price.
The price pressures combined to help take the FTSE 250 4% lower. The mid-cap index struggled to recovery today and was still 0.71% in the red by 9am.
Oxford Street lies quiet yesterday as the accelerating rate of coronavirus infections in the UK prompted fresh restrictions
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