FTSE slumps 1.5% as coronavirus spreads in UK, US

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UK stocks continued their downward spiral on Friday as the coronavirus continued to spread rapidly around the world, including in the UK and US.

At 0813, the benchmark FTSE 100 index was down 98.94 points, or 1.5%, at 6.606.49.

Cinema group Cineworld slipped 5.9% to 114.35p after it said it could postpone capital investment and cut costs, should the coronavirus outbreak continue to worsen.

The share-price fall came despite the company saying it had not yet experienced a material disease impact, having enjoyed a rise in admissions in the first two months of the year.

Pharmaceutical group AstraZeneca only shed 0.4% to £74.74, even as a trial for a bladder cancer treatment failed to improve patient survival rates.

Insurer and wealth manager Aviva fell 1.2% to 347.5p, on announcing it had agreed to exit Indonesia by selling its stake in PT Astra Aviva Life to joint venture partner PT Astra International, for an undisclosed sum.

Travel platform for wealthy individuals Ten Lifestyle dropped 7.2% to 77p after it warned of slowing annual revenue growth owing to the spreading coronavirus.

Specialist bank PCF was a rare shiner, gaining 3.5% to 31.05p, as its lending portfolio swelled 55% in the first five months of its financial year.

Pharmaceutical services provider Open Orphan rallied 4.4% to 6.03p after it won a contract from a European biotech company that could end up being worth more than £10.2m.

Student property investor GCP Student Living reversed 2.0% to 190p as lower valuation gains and higher finance costs weighed on its profit performance.

Investment company Murray International Trust lost 1.4% to 10.6462 as it posted a positive annual performance that nevertheless missed its benchmark.

Touchstone Exploration shed 0.5% to 36.8p, even as its proven reserves estimate rose 6% in calendar 2019, as it added discoveries at the Ortoire blocks in Trinidad.