London stocks retreated on Wednesday as a spike in novel coronavirus cases across the globe compounded fears of a second wave of the pandemic, while builder Crest Nicholson tumbled after issuing a grim forecast for the year.
“Traders are turning nervous on the global health conditions sentiment is at a crossroads between taking the rise in coronavirus cases as the new normal or to expect another lockdown scenario,” said David Madden, analyst at CMC Markets.
Optimism around a rebound in economic activity and a raft of global stimulus have helped the FTSE 100 rally about 28% since crashing to an eight-year low in March, but the pace of gains has slowed as COVID-19 cases continue to rise in the United States and some parts of Europe. A day after Prime Minister Boris Johnson further relaxed a coronavirus-induced lockdown, top medics warned British political parties that local flare-ups of the new coronavirus were likely and a second wave was a real risk.
In company news, oilfield services provider Petrofac Ltd slipped 7.9% and was on course for its worst day in more than two months after taking a hit in first-half trading due to the COVID-19 pandemic.
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