It's Not Just Provident, U.K. Dominates List of 2017 Stock BombsBy
Majority of one-day Stoxx 600 drops this year from the U.K.
Provident Financial collapse follows Petrofac, Pearson, BT
U.K. stock pickers have navigated a minefield this year.
Provident Financial Plc’s 66 percent collapse yesterday -- the biggest one-day plunge in Europe’s Stoxx 600 this year -- followed the latest in a string of profit warnings from U.K. companies.
As a result, four of the five biggest one-day price retreats this year in the benchmark have come from U.K. stocks. Provident’s tumble was preceded by declines of more than 20 percent by Petrofac Ltd., Pearson Plc and BT Group Plc, according to data compiled by Bloomberg.
In fact, U.K. names make up 11 of the 20 steepest single-day losses in 2017, the data show.
The downward earnings revisions add to a landscape littered with the fallout from Brexit, rising consumer debt loads and a beleaguered pound. For those evaluating performance in euro terms, the FTSE 100 is the worst major index in Europe this year.