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* Deliveroo jumps on strong quarterly orders
* Entain looks to double gaming investment
* FTSE 100 down 1.7%, FTSE 250 off 1.4%
(Updates to close)
By Amal S
July 8 (Reuters) - London's FTSE 100 posted its biggest drop
in three weeks on Thursday, weighed down by heavyweight
financials and miners, while betting firm Entain rose on strong
earnings and corporate updates.
The FTSE 100 ended down 1.7%, dragged by a 2.1% fall
in major banks as they tracked weaker bond
yields. Precious metal miners and homebuilders
fell 1.1% and 3.3%, respectively.
"This big drop in bond yields is causing investors to take
some risk off the table, because they don't quite know how to
interpret it," said Andrea Cicione, head of strategy at TS
Lombard.
"Until yesterday, while bond yields were falling equities
were not, so the market was basically looking at these falling
bond yields in a relatively positive way. But today, the
positive sentiment is completely gone and the market is
readjusting to these lower yields."
Entain, the owner of the Ladbrokes and Coral brands
climbed 0.7% and was the second biggest gainer on the index
after it reported an 11% rise in first-half net gaming revenue
and said it was doubling investment in its game development
studios.
The FTSE 100 has risen 8.8% so far this year, primarily led
by gains in banks, materials and energy stocks. However, it has
largely underperformed its developed market peers over risks
arising from a rise in local coronavirus infections.
Homebuilder Persimmon Plc slipped 4.8% and was the
third biggest decliner on the index, even after it reported
higher half-year revenue and said it expected housing demand to
remain robust.
Boosting hopes for airlines, transport secretary Grant
Shapps said fully-vaccinated Britons returning from medium-risk
amber list countries will no longer have to quarantine when they
arrive home from July 19. British Airways owner IAG
gained 0.3%.
The domestically focussed mid-cap index was down
1.4%.
Lloyds Banking Group fell 2.5%, after the bank was
fined 91 million pounds ($125.25 million) by the Financial
Conduct Authority for misleading insurance customers over an
eight year period.
(Reporting by Shashank Nayar and Amal S in Bengaluru; Editing
by Subhranshu Sahu, Kirsten Donovan)
