The UK’s main stock market indexes slumped on Thursday, mirroring a sharp sell-off in worLd equities, as investors dumped risky assets after Russia launched an all-out invasion of Ukraine.
The benchmark FTSE 100 index (.FTSE) dropped 2.7% in morning trade,
Losses on the commodity-heavy FTSE 100 were smaller than its European peers
Russia-exposed miners such as EVRAZ
plummeted between 16.6% and 43.5%, while London-listed depository shares of Russian bank Sberbank Rossii
The FTSE 100 has outperformed European indexes so far this year after underperforming for five years, helped by a jump in commodity stocks due to geopolitical tensions and strength in financial shares as central banks raise interest rates to combat inflation in the wake of the coronavirus pandemic.
Britain’s largest high-street bank Lloyds
fell 8.1% after missing profit expectations.