London Markets: FTSE 100 skids on concerns over economy

London Markets

A passenger wearing a mask walks along the platform at Vauxhall Underground station in London on May 14, 2020, after a partial loosening of the coronavirus lockdown guidelines.


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U.K. stocks skidded lower on Thursday on worries markets have climbed too quickly in the face of the coronavirus pandemic still keeping most economies shut.

The FTSE 100
UKX,
-3.81%

dropped over 2%, with 94 of its components losing ground.

Through Wednesday, the FTSE 100 has climbed 18% from its March lows. On Wednesday, data released by the U.K. government showed the economy fell by 5.8% in March when there was just over a week of lockdown.

Decliners included those invested in the stock market, with M&G
MNG,
-6.70%
,
Prudential and Legal & General
LGEN,
-6.64%

each dropping sharply. Prudential
PRU,
-7.47%

said it was considering other options besides an initial public offering for its Jackson insurance arm in the U.S., as Asian sales fell 24% in the first quarter.

Hargreaves Lansdown
HL,
-2.04%

climbed 5%, as the U.K. investment firm reported net new business of £4.0 billion in the four months ending April 30.

3i Group
III,
+5.46%

was another advancer, as the private-equity firm reported a smaller-than-expected decline in net asset value.

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