London’s FTSE 100 was down a whopping 3.3% at 7,254.62 in afternoon trade on Thursday, after Russia invaded Ukraine.
Russian steelmaker Evraz – whose largest shareholder is Russian billionaire Roman Abramovich – and Anglo-Russian precious metals miner Polymetal tanked.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “With tough incoming sanctions expected, their businesses are likely to take a major hit with little respite in sight given the seriousness of the situation. Stocks with Russian exposure also include BP, via an 19.75% shareholding in Rosneft, and BP also fell on the open, despite the higher oil price which helped push up Shell’s share price.”
Rolls-Royce was under the cosh after the engine maker said chief executive Warren East would leave at the end of 2022 and that it swung to an annual operating profit.
Wealth management firm St James’s Place was weaker despite saying it attracted record investor funds in 2021 to send assets under management to an all-time high.
Lloyds Banking Group also slid amid concerns about the outlook, after the bank announced a £2bn share buyback as rising revenue supported higher annual profit.
On the upside, precious metals miner Fresnillo shone, with gold prices above $1,940 an ounce as investors piled into safe haven assets.
BAE Systems gained after it reported a rise in full-year earnings and struck an upbeat note on the outlook. It probably didn’t hurt that’s it a defence company.
Anglo American also rose after the miner posted a jump in full-year profit thanks to strong demand and prices.
FTSE 100 – Risers
Fresnillo (FRES) 746.20p 8.43%
BAE Systems (BA.) 636.60p 5.96%
Shell (SHEL) 2,014.50p 3.67%
Dechra Pharmaceuticals (DPH) 3,860.00p 0.73%
Anglo American (AAL) 3,534.50p 0.06%
Rentokil Initial (RTO) 484.80p -0.12%
Sainsbury (J) (SBRY) 269.40p -0.22%
United Utilities Group (UU.) 1,042.00p -0.38%
Meggitt (MGGT) 744.00p -0.53%
Avast (AVST) 618.60p -0.74%
FTSE 100 – Fallers
Polymetal International (POLY) 634.40p -42.20%
Evraz (EVR) 169.60p -31.06%
Rolls-Royce Holdings (RR.) 98.14p -16.62%
St James’s Place (STJ) 1,314.00p -11.13%
Lloyds Banking Group (LLOY) 46.54p -10.84%
Mondi (MNDI) 1,732.50p -9.22%
Abrdn (ABDN) 204.10p -8.35%
Standard Chartered (STAN) 527.00p -8.35%
Melrose Industries (MRO) 141.05p -7.84%
Hikma Pharmaceuticals (HIK) 1,856.00p -7.80%
