UK stocks slide on COVID-19 concerns, FTSE 100 erases weekly gains

(Reuters) – UK stocks ended lower on Friday, with the FTSE 100 index wiping out gains for the week as a record surge in U.S. COVID-19 cases made investors question the chance of a swift global economic recovery.

The blue-chip FTSE 100 .FTSE slid 1.3%, with BP Plc (BP.L) and Royal Dutch Shell Plc (RDSa.L) among the biggest drags, as the new infections raised the spectre of further lockdowns and hit oil prices.

The domestically-focussed FTSE 250 .FTMC fell 0.4% on the day, but still held onto a weekly gain.

“Stocks enjoyed a big rally yesterday on the back of the optimism about a possible COVID-19 vaccine but all of the gains the FTSE 100 made yesterday have been lost today on renewed health fears,” said David Madden, market analyst at CMC Markets UK.

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