FTSE 100 marks worst quarter since 1987, down nearly 14%

FTSE 100 marks worst quarter since 1987, down nearly 14%
By: Business Posted On: March 31, 2020 View: 23

FTSE 100 marks worst quarter since 1987, down nearly 14%

The coronavirus pandemic has resulted in the FTSE 100 marking its worst quarter since 1987, down by nearly 14%.

Britain's top share index was up by 1.95% at the close of trading on Tuesday, a small upturn after weeks of volatility.

It has lost a quarter of its value this year, despite a recovery of more than 15% from the lows seen in mid-March, when many countries ordered residents to stay home to stop the spread of the coronavirus.

Tuesday saw tentative gains for world markets on hopes the economic disruption from the pandemic would be weaker than some estimates fear, however.

Investors bought in after data from China - the first country to be hit by COVID-19 - showed activity in its crucial manufacturing sector unexpectedly rebounded to growth in the month of March.

UBS strategist Kiran Ganesh said: "What we're really looking at the China data is to see if it's an indicator of how quickly Europe and the US can get back to work potentially after their lockdown.

"If the lockdown ends in May, which is what we're broadly pricing in, then we may see a similar path of what we've seen in China."

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A recovery in oil prices also stoked optimism, after US President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilising energy markets.

European stock markets followed Asia in giving a positive reaction to the China figures, while US futures shot up from negative territory.

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