Coronavirus spread to UK rocks traders

European stocks were a sea of red as health concerns continued to weigh on markets, with fears ramping up that the coronavirus has developed into a worldwide issue.

The FTSE 100 fell to a seven-week low before closing 95.95 lower at 7,286.01 after two people in the UK tested positive for coronavirus, sparkling concerns of a global health emergency.

CMC Markets analyst David Madden said: “It would be appear that traders are rushing for the exit before markets in mainland China reopen on Monday – the authorities might decide to extend their holiday period though.”

In company news French Connection has called off its plans to find a buyer, more than a year after the fashion chain was put on the market. Shares in the retailer plunged more than 28 per cent – or 9.4p – to settle at 24.1p.

Britvic, the maker of Robinsons squash, saw shares climb 49.5p to 925.5p after announcing it had signed an agreement with banks to pay back less money on its loans if it meets sustainability targets – cash which will then be donated to charity.

The soft drinks group said it had refinanced a £400 million line of credit with annual performance indicators that are linked to its sustainable business strategy.

Meanwhile, the UK financial watchdog has launched an probe into M&C Saatchi after the advertising agency following an accounting scandal last year.

The company told investors that the Financial Conduct Authority is investigating the £11.6m accounting error it revealed in December. Shares lost 10.5p to 100p.