‘Black Monday’: East Anglian firms lose out in stock market crash over coronavirus fears
- Credit: AP
The FTSE 100 sank by 8.5% upon opening this morning with investors spooked by the growing coronavirus outbreak.
FTSE companies across the board, including big employers in the region such as Aviva, Midwich and Angling Direct, saw their share prices fall overnight.
Following this morning's fall, the FTSE now sits below 6,000 points - its lowest point since summer 2016.
Last week it was reported that the FTSE had already lost around £200billion due to the outbreak.
The latest hit on the FTSE follows an overnight announcement that Saudi Arabia had launched a trade war over oil.
The Saudis said they would raise production, even if it means taking a hit, as it battles with Russia over how much oil should be produced during the virus outbreak.
Overnight a barrel of Brent Crude oil fell 30%, its fastest single-day fall since the first Gulf War.
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Neil Wilson, chief market analyst at Markets.com, said: "This will be remembered as Black Monday. If you thought it couldn't get any worse than the last fortnight, think again. The blood really is running in the streets, it's utter carnage out there.
"The oil price shock has totally unnerved investors, while Italy's decision to quarantine 16 million citizens in the north of the country has left markets feeling like the coronavirus outbreak is out of control - where next? The UK is preparing for the worst."