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London Stock Market Takes Dive Amid New COVID Strain Fears

The United Kingdom has been forced to enhance restrictions this weekend amid the rapid spread of a new coronavirus strain that has higher transmission properties compared to the common COVID-19. Soon after, several nations moved to limit air travel to and from Britain.
Sputnik

Major London stocks plummeted on Monday to near their three-week lows amid the new lockdown measures in the UK, which were prompted by the spread of the new mutated coronavirus.

The FTSE 100 lost 2.1% of its value, while BP and Royal Dutch Shell sank nearly 5 %.

The air traffic ban also affected the shares of IAG, Wizz Air Holdings and EasyJet, that lost between 11% to 16%. InterContinental Hotels Group stocks shed 4%.

New 'Highly Transmissible' COVID Strain is 'Probably Elsewhere Already', UK Transport Secretary Says

Brexit uncertainty also factored into the market's fears, as FTSE 250, often viewed as 'Brexit-sensitive', lost 2.8%, while Lloyds and Barclays were down by over 5%.

On Saturday, the UK government virtually locked down parts of the country, including London, after admitting that more than half of all new COVID-19 cases had been caused by a mutated coronavirus strain that can be transmitted up to 70 percent faster. As UK citizens rushed out of the locked down areas ahead of Christmas, many countries have chosen to halt travel to/from the United Kingdom in a bid to prevent the arrival of the new strain.

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