The new Black Monday: Coronavirus chaos sees FTSE 100 close 7.7% down at 5966 points – its lowest in four years after £125 billion is wiped off shares in biggest daily drop since 2008 crash

The FTSE 100 closed 7.7 per cent down today to its lowest level in almost four years as trading was halted on the New York Stock Exchange for 15 minutes – as world markets collectively crashed because of coronavirus.  An all-out oil war between Saudi Arabia and Russia has led to stock markets and oil prices tanking around the world. As investors already deal with the fallout from coronavirus, the Middle Eastern oil giant announced plans to flood markets with extra supply – wiping billions off companies. In London, companies on the FTSE 100 had lost around £125 billion at the end of the day – adding to heavy losses over coronavirus fears – and means the index has fallen by almost 20% in just over two weeks. The market closed down 496.78 points at 5965.77, the largest drop since the 2008 financial crisis, wiping £125 billion off the value of companies. The FTSE 100 was predicted to open at least 300 points down this morning – but it fell 550 points to 5,900, the lowest level for four years, as coronavirus cases raced towards 110,000 worldwide.  Among the biggest victims were oil giants BP and Royal Dutch Shell, whose stocks tumbled more than… Read full this story

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