FTSE 100 retreats as insurers, Tesco take hit | Malay Mail

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LONDON, April 9 ― Britain's FTSE 100 pulled back yesterday, as a rising global death toll crushed hopes that the coronavirus crisis was subsiding, while insurers took a hit over halts in dividend payments and Tesco warned of a surge in costs. The blue-chip FTSE 100 index ended 0.5 per cent lower...

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The blue-chip FTSE 100 index ended 0.5 per cent lower after closing at a near two-week high on Tuesday. — Reuters pic

Shares of Aviva Plc and Direct Line, RSA and Lloyds of London-member Hiscox fell between 3.8 per cent and 7.9 per cent after saying they were cancelling 2019 investor payouts. However, it defended its decision to pay dividend. Fellow retailers Sainsbury and Morrison fell 4 per cent and 0.8 per cent, respectively.

“Markets have come to a realisation that it's not easy to have a V-shaped recovery. Even if we are looking at prospect of easing restrictions, there is still lots of uncertainty,” said Ulas Akincilar, head of trading at online platform INFINOX.Companies listed on the pan-European STOXX 600 are expected to post a 30.2 per cent slump in second-quarter earnings, according to Refinitiv data, versus a 21.9 per cent decline forecast just a week ago.

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