U.K. Stocks Tumbling in Broad Slump Break Through Moving AverageBy
British equities posted their biggest two-day selloff since the aftermath of the referendum to leave the European Union, breaking through a key technical level.
The FTSE 100 Index lost 1.1 percent on Monday, with 89 of its shares down. Associated British Foods Plc sank the most, losing 11 percent, as sales at its budget fashion chain Primark dropped. Peer Marks & Spencer Group Plc declined 5.1 percent. Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc led the slide in lenders.
The sudden selloff is interrupting a bullish run that made the FTSE 100 one of the year’s best-performing gauges in developed markets. For the first time since the end of June, the gauge ripped through its 50-day moving average.
The FTSE 250 Index of mid-cap shares slid 0.9 percent, and the FTSE Small Capitalisation Index Ex Investment Trusts declined 0.7 percent. The regional Stoxx Europe 600 Index lost 1 percent.