• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home News

FTSE 100 drops by 10.9% in worst day for market since 1987

More than £160 billion was wiped off the value of FTSE 100 companies on Thursday.

Joe Mellor by Joe Mellor
2020-03-12 20:08
in News
Credit;PA

Credit;PA

FacebookTwitterLinkedinEmailWhatsapp

The FTSE 100 has closed the day down by more than one 10th as fears over Covid-19 sparked the index’s worst bloodbath since 1987.

Investors ran scared from London’s shares as the index closed Thursday down by 639.04 points to 5237.48.

It wiped more than £160 billion off the value of the index’s 100 companies, the worst value loss in history in nominal terms, ahead of the £124.7 billion that was lost on Monday.

The 10.87% fall is worse than any day during the 2008 financial crisis and investors wanting to find a bigger drop need to look back to October 20 1987, the day after Black Monday, when the FTSE 100 fell 12.2%.

It is the second worst day in the FTSE’s history, ahead of the 10.84% fall on Black Monday itself.

The index is now at lowest closing point since 2011.

“It is hard to keep coming up with new metaphors for the scale of disaster facing the global markets,” Spreadex analyst Connor Campbell said.

RelatedPosts

Mogg will be pleased! Government staff work in corridors over desks shortage

Good Friday agreement: People moved by Liam Neeson’s cameo in final episode of Derry Girls

Anger as Govt brands Disability News Service ‘vexatious’ for trying to acquire info on DWP deaths

BBC says govt took broadcaster to court to block story of MI5 agent using secret status to terrorise girlfriend

Within moments of opening on Thursday the FTSE 100 was hundreds of points in the red after the World Health Organisation declared a pandemic on Wednesday evening and US President Donald Trump banned travellers from Europe.

The European Central Bank (ECB) later unveiled several measures to combat the disease’s effect on the economy.

But it failed to calm markets as ECB president Christine Lagarde did not mirror her counterparts in the US and UK by cutting interest rates.

It means that the FTSE 100 has now lost more than £543 billion in less than three weeks, a 29% drop, as global markets panic.

“Equities are getting crushed under foot as investors flee to the fire exit, desperately scrambling about for safe havens that feel anything but,” Mr Campbell said.

He added: “The ECB’s stimulus package seemingly only made matters worse.”

Thousands of people have died from coronavirus since the outbreak started in China in late December.

Russ Mould, investment director at AJ Bell said: “Every stock in the FTSE 100 traded in negative territory with miners Evraz and Anglo American at the bottom of the pile with declines upwards of 17%. Ocado, which may benefit from an increase in online grocery orders as people self-isolate, was down just 0.7%.”

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

The Sectarianisation of Public Spaces

Billy Bragg pens perfect response to ‘shameful’ Neil Oliver clip

7 Premier League signings to keep an eye on – Tottenham Hotspur & Newcastle United feature

India Capital Growth – A return to earnings growth

Tory MP to continue boycott and will miss final over stars taking the knee

UK Weather forecast, Thursday 29 July 2021

Strawberry Moon rising over Glastonbury Tor in the evening when it was 99.8% full.

Trump calls anti-racism training divisive, anti-American propaganda

Zebra born during lockdown and named ‘Hope’ to raise spirits has died after it was scared by firework

Calculate The Cost Of Your Bucket List

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.