London stocks dip on second virus wave fears

London stocks retreated on Wednesday as a spike in novel coronavirus cases across the globe compounded fears of a second wave of the pandemic, while builder Crest Nicholson tumbled after issuing a grim forecast for the year.

London stocks retreated on Wednesday as a spike in novel coronavirus cases across the globe compounded fears of a second wave of the pandemic, while builder Crest Nicholson tumbled after issuing a grim forecast for the year. The homebuilder fell 2.9% to the bottom of the FTSE 250 as it posted a first-half pretax loss and said it expected annual adjusted pretax profit to fall around 60% to 70% due to coronavirus-led disruptions.

The blue-chip FTSE 100 was down 0.5% and the domestically focussed FTSE 250 0.1%, with financial, consumer staple, and industrial stocks among the biggest drags. A day after Prime Minister Boris Johnson further relaxed a coronavirus-induced lockdown, top medics warned British political parties that local flare-ups of the new coronavirus are likely and a second wave is a real risk.

In a bright spot, Mr. Kipling cakes maker Premier Foods Plc rose 2% after forecasting revenue and trading profit for the new year to be above current estimates.