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Losses snowballed on Friday as the blue chip U.K. stock-market index slumped in midday trade.
The FTSE 100
UKX,
lost 1.3% to 7462.41, after starting the session with little movement.
U.K. stocks haven’t escaped the pessimism engulfing global markets, even as its composition of financials and energy companies has helped to limit the damage as bond yields have climbed and oil prices have risen. The FTSE 100 this year has edged up by 1%, outperforming the S&P 500 which has dropped 9%.
Food delivery service provide Ocado
OCDO,
was the worst FTSE 100 company, sliding 6% after a German court halted proceedings it brought against AutoStore
AUTO,
The two have been fighting lawsuits across the globe over patents on their robots deployed in warehouses.
Barclays
BARC,
shares slipped 4% as the bank was reported to be in the running to buy the mortgage lender Kensington for £1 billion. Barclays was downgraded to neutral from buy at Bank of America, which said higher costs would offset the benefit of rising rates.
