Coronavirus fears wipe nearly £100bn off Britain's top market in two days

28 Février, 2020, 06:52 | Auteur: Auguste Feret
  • Tourists wearing protective face masks pose for a selfie in front of the Milan Cathedral

The FTSE 100 Index opened with small gains on Tuesday before edging around 20 points lower as it pulled out of a nosedive that left it nursing the biggest fall for four years.

On Monday, the 24th of February 2020, a slew of European stock indices had rubbed out roughly $474 billion off the market while airlines alongside travel stocks led the declines of regional pan-European STOXX 600 as a gush of newer coronavirus cases outside China appeared to have spooked investors across the globe, promoting the investors to reassess the financial fallouts of coronavirus outbreak which has every potentiality to turn out to be a Pandemic. The DAX (^GDAXI) closed down 1.8% in Frankfurt and the CAC 40 (^FCHI) lost 1.9% in Paris.

Spain's Ibex was also more than 2.3% lower after it emerged a hotel in the Canary Islands was in lockdown after an Italian doctor tested positive for the virus, also known as Covid-19.

But investors soon continued heading for the exit as it became clear the outbreak is far from being contained and will take a heavy toll on the global economy.

However, losses were broad based - just three stocks on the FTSE 100 managed to close in the green.

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Sterling lifted 0.5% to 1.30 USA dollars and 0.4% to 1.20 euros, which sparked declines on the top tier as a large proportion of profits for FTSE 100 companies is made in dollars.

He said: "There is no question financial markets are coming round to the realisation that this particular crisis is likely to have a slightly longer shelf life than many thought was the case a couple of weeks ago".

Holiday giant TUI and low-priced carrier easyJet fell another 4.9% and 3.5% respectively, while Holiday Inn owner Intercontinental Hotels Group was 3.2% down.

But oil prices were 0.2% as markets stabilised on Tuesday, while, among airlines, British Airways owner International Airlines Group was 1% higher after falling more than 9%.

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