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Insurers, oil majors put FTSE 100 on track for weekly losses

Published 03/04/2020, 08:29
Updated 03/04/2020, 08:30
© Reuters.
UK100
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BP
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PRU
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* FTSE 100 down 1.2%, FTSE 250 drops 1.1%

April 3 (Reuters) - UK's FTSE 100 fell on Friday as oil
stocks retreated after a strong showing in the previous session,
while insurers tumbled after their European Union counterparts
were asked to suspend dividend payments to weather the economic
hit from the coronavirus crisis.
The blue-chip index .FTSE fell 1.2% by 0817 GMT, with
shares in Legal & General LGEN.L , Aviva AV.L and Prudential
PRU.L falling between 2.6% and 6% after the EU regulator asked
insurers and reinsurers to temporarily suspend dividends and
share buybacks. Shares in BP BP.L and Royal Dutch Shell RDSa.L fell
about 3%, with oil prices flat amid doubts over whether a deal
to call off the Saudi-Russian price war would go ahead if the
U.S. does not scale back output. [ O/R ]
The domestically focused midcap index .FTMC dropped 1.1%.
Both the major indexes are on course to log weekly losses as
data from across the world confirmed investor fears of a sharp
economic slump driven by the pandemic.
After Thursday's numbers showed another record surge in U.S.
weekly jobless claims, investors are now waiting for data on
European services sector activity for March.
Defence company BAE Systems BAES.L dropped 2.1% on
deferring a decision on whether to pay its dividend and said it
had launched cost control measures after seeing significant
disruption.

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