RE: STOB sitting on long term support28 Feb 2020 09:19
LONDON MARKET OPEN: Stocks Plummet As Coronavirus Hits More Businesses
Fri, 28th Feb 2020 08:48Alliance News
(Alliance News) - Stock prices in London dropped at the open on Friday, over investor concerns that the coronavirus will prompt a global slowdown, as airlines warned of tumbling demand.
The FTSE 100 index was down 150.62 points, or 2.2%, at 6,645.78 on Friday. Since the week began, the blue-chip index is down 8.2%.
The mid-cap FTSE 250 index was down 566.16 points, or 2.9%, at 19,217.29, and the AIM All-Share index was down 2.9% at 860.86.
The Cboe UK 100 index was 2.5% lower at 11,228.20. The Cboe 250 was down 2.8% at 17,353.30, and the Cboe Small Companies down 0.5% at 11,756.88.
In mainland Europe, the CAC 40 in Paris was down 2.8%, while the DAX 30 in Frankfurt was off 3.5%.
"It seems a reasonable assumption that the coronavirus will not be contained so we are on course for a bear market," said London Capital Group Head of Research Jasper Lawler. "But its hard to see what could provide enough certainty to stop fear winning out before the weekend."