FTSE 100 slumped by more than 3% as the UK government put six African countries on its red list due to an outbreak of a new variant of coronavirus. London’s blue-chip index was down more than 200 points at 7,109.
Airlines led the falls with British Airways owner IAG seeing it’s share price drop by 15% on fears the move might lead to bans worldwide on intercontinental travel. Flights from South Africa, Namibia, Zimbabwe, Botswana, Lesotho and Eswatini are being suspended.
Oil majors were also weak as Brent crude dropped nearly 4% to US$80 a barrel, as the new COVID variant sparked worries about the global economy. It added to concerns of a global surplus in the first quarter of 2022 following the release of oil reserves by the US.
British car output was at its lowest in October since 1956 last month, studies show. A total of 64,729 cars rolled off British production lines as the industry was hit by the widespread semiconductor shortage.
Among the small caps, NFT Investments has invested US$250,000 into Afterparty Inc. the funding will help create a decentralized platform to allows creators to monetise and manage fan relationships, deliver live virtual experiences, and sell digital merchandise.
Kavango Resources is to acquire 51% of Molopo farms in Botswana via a three-month option in an all-share transaction. The option can be exercised by the company at a time of its choice.
Union Jack Oil says Rathlin Energy intends to submit a new planning application for the West Newton in Yorkshire after a previous request was refused by the local council. The new application will address local concerns over the project’s size and will be submitted before the end of 2021.
Read More: FTSE 100 falls sharply with travel and hospitality stocks hit hardest