March 4, 2020 / 8:22 AM / a month ago

UK stocks lower on virus fears, mall owner Intu sinks

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100 slips 0.2%, FTSE 250 down 0.3%

March 4 (Reuters) - UK stocks inched lower in early trading on Wednesday as investors worried about the extent of the global economic fallout from the coronavirus epidemic after a surprise interest rate cut by the U.S. Federal Reserve.

The blue-chip index fell 0.2% after rising for two straight days, while the domestically focussed mid-cap index slipped 0.3%.

Wall Street had tumbled overnight as the unexpected move by the Fed alarmed rather than soothed investors already worried about economic growth amid the fast-spreading virus outbreak.

Among individual stocks, mall operator Intu slumped 41.2% as it scrapped a planned equity raise and said there was a risk that it might breach some of its debt covenants this year.

British life insurer Legal & General tumbled 2.6% to the bottom of the FTSE 100 despite posting a higher-than-expected rise in 2019 operating profit. (Reporting by Devik Jain in Bengaluru; editing by Patrick Graham)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below