MARKET REPORT

OIL and commodity stocks bore the brunt as the FTSE 100 plunged again as the global markets resumed their Covid-19-driven frenzy.

The FTSE 100 closed 242.88 points higher at 6,462.55 at the end of trading yesterday.

London’s top flight plummeted back to its lowest level since July 2016 while the German Dax also fell below its lows from the end of last month.

Michael Hewson, chief analyst at CMC Markets UK, said: “As yields plunge across the world, the coronavirus has effected a stampede for the exits in the fashion of someone shouting fire in a crowded theatre, as havens surge and yields plunge.”

The European markets all slid heavily into the red as traders lost their nerve on the continued spread of the virus. The German Dax fell 3.37% while the French Cac moved 4.14% lower. Across the Atlantic, the Dow Jones opened lower as it handed back some of the major gains from Thursday’s session.

Sterling made gains against the sliding dollar after the Fed’s rate cut earlier this week projected weakness in the country’s economy. The value of the pound rose 0.29% versus the US dollar at 1.299. In company news, shares in

dived after the cinema chain said coronavirus has not yet dampened demand as it sought to calm fears after the release of the new James Bond film was delayed due to the outbreak. Investors were not convinced by the update, as shares closed 10.4p lower at 111.1p at the close of play yesterday. Premier Inn owner

also slipped lower on concerns over a drop-off in business bookings, as we look towards the spring and summer months. Shares slipped 128p to 3,501p. Cruise liner business

dropped to a near-seven year low after the US reported its second fatality from the Grand Princess cruise ship in San Francisco.

Shares fell 151.5p to 1,981.5p at the end of trading.

The price of oil plummeted into the red despite Opec’s plan to cut production by 1.5 million barrels per day. The price of a barrel of Brent crude oil decreased 7.9% to 46.06 US dollars.

There were only four risers in the FTSE 100: up 8.5p at 431.6p; up 1p at 588.2p; up 2p at 1,298p and up 0.1p at 185.3p.

The biggest fallers were

down 160.2p at 1,681.2p; down 120p at 1,410p; down 5.74p at 69.76p;

down 151.5p at 1,981.5p and down 20.2p at 269.1p.