UK markets fall further into red amid sell-off

The UK markets dived further into the red as even the plummeting pound failed to come to the rescue of the country’s biggest firms.

The strengthening dollar drove the pound to its lowest point against the US currency in 35 years, as global markets continued to reel from the coronavirus pandemic.

However, the continuing spread of the virus in the UK meant multinational stocks were unable to benefit from the weakness in the pound, while the stimulus deal announced by the chancellor on Tuesday failed to spark a rebound.

The FTSE 100 closed 214.32 points lower at 5,080.58 at the end of trading yesterday.

Sterling dipped significantly lower against the euro as the number of UK coronavirus deaths increased to 104.

The value of the pound fell 4.4% versus the US dollar at 1.153 and was down 2.7% against the euro at 1.066.

The major European markets all closed firmly in the red as traders across the world continued their sell-off.

The German Dax decreased by 5.56%, while the French Cac moved 5.94% lower.

Across the Atlantic, the Dow Jones opened significantly down, dropping to its lowest in three years.

The price of oil has tumbled to levels last seen in 2003. The price of a barrel of Brent crude oil decreased 10.8% to $25.54.

The biggest risers on the FTSE 100 were Sainsbury’s, up 24.3p at 216.3p, Morrisons, up 18.95p at 199.3p, and Schroders, up 213p at 2,555p.

The biggest fallers were Carnival, down 322.6p at 620p, Meggitt, down 77.4p at 238.4p, and Ashtead Group, down 395p at 1,300p.