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FTSE LIVE: Stock market rout as coronavirus fears see the Footsie dive another 3.5% to below 6,800
Shares have tanked again today with the FTSE 100 index standing down 246.1 points at 6,796.4 as investors rush for safety in the face of spreading coronavirus fears.
The leading London stock market index closed down 3.5 per cent as investors were rattled by concerns over the spread of the virus in Europe and a raft of companies warning that it would hit their profits.
The Footsie is now in correction territory, having fallen 11.4 per cent from its peak in mid-January, with any drop of at least 10 per cent considered a correction.
Much of that decline has come in a torrid week for investors, which has seen the FTSE 100 plummet 8.2 per cent from 7,400 on Monday.
The ten companies hit hardest today as shares in London tanked again as fears of coronavirus impacts ramped up
There are fears that the virus and attempts to stop it spreading will dent global trade, national businesses and individual firm’s bottom lines.
Airlines have cancelled a wave of flights, Diageo has warned people staying at home will dent its alcohol brands sales, and even Aston Martin says coronavirus will dent sales and hit its supply chain.
Shares across Europe fell again today, with France’s CAC 40 down 3.3 per cent, Italy’s FTSE MIB down 2.7 per cent and Germany’s DAX down 3.2 per cent.
However, despite the continuing rout, markets regained a little lost ground late on. The FTSE 100 had been trading down more than 4 per cent at one point today.
In the US, the S&P 500 index was trading down 1.6 per cent at, 3,065.7 and the Dow Jones was trading down 1.7 per cent at 26,506.8, having also entered correction territory.
The FTSE 100 has endured a torrid week, tumbling 8 per cent from just above 7,400 to 6,796
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