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London low as market gloom continues

Market indices continued to fall around the globe yesterday on continuing coronavirus concerns and London’s FTSE 100 finished at a one-year closing low of 7,017.88.
London low as market gloom continues London low as market gloom continues London low as market gloom continues London low as market gloom continues London low as market gloom continues

Barrick, gold price lower

Staff reporter

Hong Kong's Hang Seng was yesterday's exception, up 0.27%.

Futures are pointing to another day of losses.

"Market participants are becoming resigned to the fact that the economic slowdown caused by the coronavirus may extend longer than previously anticipated," IG analyst Kyle Rodda explained in a column piece.

China's top economic planner told reporters yesterday the country was making considerable progress in resuming economic activity, local media reported.

However in Indonesia, Reuters reported the coordinating minister overseeing maritime resources and investment affairs said the coronavirus outbreak in China would likely delay development of nickel projects in the Southeast Asian country worth about US$11 billion.

Gold has softened from its seven-year high and is about $30 an ounce lower than this point yesterday, at $1,635/oz on the spot market.

Among the majors, Glencore (LSE: GLEN) closed 1.5% lower in London, Barrick Gold (TSX: ABX) lost 3.7% in Toronto and BHP (ASX: BHP) was off 1.6% in morning trade.