City of London in free fall as Putin’s war hammers UK stock market – major losses

Ukraine: Ursula Von Der Leyen slams Putin for Russia’s invasion

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In the UK, the FTSE 100 opened down over 2.5 percent with companies exposed to the Russian economy particularly hit. Mining and steel firm Evraz, whose major shareholders include Chelsea Football Club owner Roman Abramovich, saw its share price fall nearly 30 percent. Anglo-Russian miner Polymetal International was also down a similar amount. Other major losers across the FTSE included firms exposed to aviation and travel with easyJet down over four percent and Rolls Royce down over 14 percent.

With markets proving turbulent many investors are turning to safe haven assets such as gold which has seen prices rocket to over £1,440 an ounce.

Walid Koudmani, chief market analyst at financial brokerage XTB, said: “Markets woke up in panic mode as investors reacted to the news overnight of Russia’s invasion of Ukraine.

“We have seen clients sell out of risky asset classes such as stocks and buy gold and the US dollar which are seen as safer investments at times of uncertainty.

“We have seen oil prices charge higher with Brent Oil trading above $100 for the first time since 2014.

“This will have further consequences to the cost of living and inflation in Europe.”

More to follow…

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