More than £250 billion is wiped off top UK firms’ shares in a week as FTSE suffers biggest drop since 2008 financial crisis and Wall Street is hit by 1,000-point drop in the Dow amid global coronavirus panic

More than £250billion has been wiped off top UK firms this week, as the FTSE 100 drops to its lowest level since July 2016 amid global coronavirus panic.  The top-flight of London’s Stock Exchange tanked 13 per cent since Monday, the sharpest slump since the global crash of 2008. An eye-watering £210billion was slashed from the value of shares – including £58billion today as blue chip companies watched as their share prices went into free fall. The biggest casualty yesterday was travel giant TUI, which saw shares plunge 9.5 per cent. The weekly rout on the FTSE 100 is the third biggest on record, after the credit crunch in 2008 and the Black Wednesday crash in 1987.    The spiralling health crisis, which has spooked investors, also pounded the FTSE 250, which  dropped another 2.29 per cent, or £8.2billion. It has shed £44.4billion – or 11.3 per cent.  Russ Mould, of investment firm AJ Bell, described it as a ‘catastrophic day for investors’, but said the reaction of financial markets was overblown. ‘This has been one of the worst weeks on the markets in a very long time, leaving investors’ portfolios battered and bruised,’ he said.  ‘Yes, the outbreak is frightening. Yes, it’s… Read full this story

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