FTSE 100 suffers more pain as Yorkshire firms join the fallout

Morrisons shares closed the day down 5 per cent

The FTSE 100 closed down 4.3 per cent on Monday, as economists slashed their expectations for the global economy and a raft of UK companies revealed expected hits to profit and cuts in spending.

Shares in Wakefield-based Card Factory fell 6.7 per cent after it announced the temporary closure of all its stores.

The blue-chip index sank back into the red after a two-day bounce due to the extraordinary stimulus unveiled by governments and central banks last week.

The index was down 35 per cent from its peak in January and on course for its worst monthly performance since 1987, while the FTSE MID 250 index of midcap stocks was down over 40 per cent from its all-time high.

Prime Minister Boris Johnson warned on Sunday the Government may have to impose curfews and travel restrictions even as pubs, clubs and gyms remain closed, bringing more damage to businesses.

“It’s just a world of pain for investors,” said Keith Temperton, a trader at Tavira Securities.

“Until we get some sort of an indication that things are going to get better with COVID-19, the uncertainty will continue, volatility will continue and the markets will continue to go lower.”

Investors took little comfort from a fresh round of stimulus announced on Friday that included the Government paying the wages of workers up and down the country.