London’s top indexes dipped this morning as investors ditch assets with exposure to the economic fallout of the Russia-Ukraine conflict and pour into commodities as prices continue to surge.
The capital’s premier FTSE 100 index dropped 0.31 per cent to 7,406.69 points, while the domestically-focused FTSE 250, which is more aligned with the health of the UK economy, lost 0.46 per cent to drop to 20,679.97 points.
A ramping up in Russia’s assault on Ukraine hit market sentiment in the City this morning, leading investors to dump stocks and buy commodities.
Oil prices continued to advance, with Brent Crude now above $116 – its highest price since 2008.
Russian gold miner Polymetal International continued its descent, dropping over 30 per cent during opening exchanges.
The industrial firm has lost a large proportion of its value since Moscow sent troops into Ukraine.
FTSE 100-listed broadcaster ITV was the second worst performing share on the index, plunging nearly 15 per cent as trader dumped the stock due to concerns over the long term prospects of terrestrial television to generate income amid as the streaming boom gathers momentum.
Airlines were among the worst performers on the FTSE 250 driven by pessimism over the disruption to European air travel caused by the conflict in the East.
Short haul carrier Wizz Air was the worst performer on the index, losing 6.8 per cent.
Yields on 10-year UK government debt edged higher.
The pound dropped against the dollar to buy $1.338.
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