London stocks slip as new coronavirus curbs dent mood
Reuters
Published Oct 27, 2020 08:28
Updated Oct 27, 2020 10:12
By Devik Jain
(Reuters) - London stocks edged lower on Tuesday as worries about fresh COVID-19 curbs in England offset upbeat results from HSBC and BP .
The blue-chip FTSE 100 index (FTSE) slipped 0.2% in choppy trading, dragged lower by mining (FTNMX1770), travel and leisure (FTNMX5750) and insurance (FTNMX8570) stocks.
The domestically-focussed mid-cap FTSE 250 index (FTMC) lost 0.6%, with shares in online trading platform Plus500 Ltd (L:PLUSP) tumbling 8.2% to the bottom of index on dour outlook.
Uncertainty over a Brexit trade deal and concerns about the financial fallout from new coronavirus-related restrictions have kept the FTSE 100 in a tight trading range since June, with the blue-chip index on course for its second straight monthly decline.
In the latest round of restrictions, Warrington in northwest England will be classified as the highest Tier 3 alert level, while Nottingham in central England and three nearby towns would have similar restrictions.
"There's an awful lot more apprehension about how events over the next few days are likely to play out," said Michael Hewson, chief market analyst at CMC Markets UK.
"The sky is darkening as winter comes and investors are getting increasingly nervous about the ability of not only central bankers, but also politicians to address the challenges coming their way."
Asian markets also slipped after a stalemate over a U.S. fiscal package ahead of the Nov. 3 presidential election.
In a bright spot, Asia-focussed HSBC Holdings Plc (L:HSBA) jumped 5.9% after it signalled a pandemic-induced overhaul of its business model.
The wider banks sub-index (FTNMX8350) gained 3.3%.
BP Plc (L:BP) added 1.8% after the oil major swung to a small profit in the third quarter, beating forecasts.
Bloomsbury Publishing Plc (L:BLPU) gained 15.7% after the Harry Potter publisher posted higher first-half profit and resumed dividend.
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Written By: Reuters
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