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FTSE 100 opens up 6% in early trading
After one of the worst days for the FTSE 100 in over 30 years, the index was up 6% at open.
The UK blue-chip index managed to claw back some of the substantial losses suffered yesterday, with early trading notching up gains of 6%.
However, the stock market gains have slowed to around 3% now.
It comes after the FTSE 100 suffered its second worst day yesterday behind Black Monday of 1987 as coronavirus was upgraded to a global pandemic. The near 11% fall wiped £160.4bn from the market – a record amount for daily losses.
Prime Minister Boris Johnson confirmed the government is moving to the next phase of the coronavirus plan from ‘contain’ to ‘delay’ after the UK Chief Medical Officers raised the risk from ‘moderate’ to ‘high’.
Speaking yesterday, he said: “This is now not just to attempt to contain the disease as far as possible, but to delay its spread and thereby minimise the suffering. If we delay the peak even by a few weeks, then our NHS will be in a stronger state as the weather improves and fewer people suffer from normal respiratory diseases, more beds are available and we’ll have more time for medical research.”
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Those aged 70+ and at risk Brits have been advised against travelling on cruise ships while schools and colleges have been advised against all overseas trips for children under 18 until further notice.