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London stocks shed 2% as pandemic fears spark flight to safety

Published 02/24/2020, 04:19 PM
Updated 02/24/2020, 04:24 PM
London stocks shed 2% as pandemic fears spark flight to safety
UK100
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BP
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SHEL
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FTMC
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FTNMX551030
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Oil stocks lead declines as commodity prices tumble
* Miners hit lowest level in three weeks
* FTSE 100 hits two-month low, FTSE 250 down 1.7%

Feb 24 (Reuters) - London-listed shares plunged 2% on Monday
as a surge in new coronavirus cases outside China sparked fears
of a pandemic, sending investors scurrying for the safety of
gold and hammering commodity-exposed stocks including miners and
oil majors.
The FTSE 100 .FTSE fell to a two-month low, dragged by
declines in BP Plc BP.L and Royal Dutch Shell Plc RDSa.L .
Mining stocks .FTNMX1770 fell over 3% to their lowest level in
three weeks.
Global stocks fell and oil prices tumbled more 2% as sharp
rises in new virus cases in Iran, Italy and South Korea raised
concerns about a bigger hit to the world economy than previously
feared. Conversely, gold prices surged to a 7-year high.
The domestically focused mid-cap index .FTMC was down 1.7%
and was on course for its worst day in nearly a month.

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