U.K. blue chips were getting hammered on Friday in their worst performance of an already-difficult week, as even commodity producers slumped on day nine of the Russian invasion of Ukraine.
The FTSE 100
in afternoon trade dropped more than 3%, with only a handful of blue chips trading in positive territory.
Russia’s attack on Europe’s largest nuclear power plant unsettled investors, even though it didn’t result in a rise in radiation.
“The flight to safety is continuing on the financial markets as investors exit positions they see as more risky, and pile into other asset classes which they hope may offer some more defense against the volatility,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.