FTSE 100 falls ahead of new lockdown concerns

The FTSE 100 had a sluggish start to the week amid concerns of new lockdown measures.

The blue-chip index 0.2% to 6,004.77 just before 9 am on Monday ahead of the government’s emergency Cobra committee.

The FTSE 100 slipped as shares in energy firms fell due to a drop in oil prices. BP was down 1.8% and Shell fell 1.6%. The FTSE 250, however, was up 0.6%.

“Further lockdowns would jeopardise the already fragile economic recovery and have lasting, negative effects on consumer confidence,” said Milan Cutkovic, an analyst at Axi.

However, European investors “have not lost faith that further stimulus measures will follow, and that an effective Covid-19 vaccine will soon be placed on the market, bringing the pandemic somewhat more under control,” he added.

Ahead of the Cobra meeting, a spokesperson said: “Our primary focus has always been to protect lives and livelihoods while controlling the spread of the virus, and these measures will help achieve that aim.”

Boris Johnson will announce a new three-tier lockdown system for England today. The alert levels will be “medium”, “high” and “very high”.

Previous articleEddie Stobart shares rise as group returns to profitability
Next articleNational Express shares dip as group names new chief executive
Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.