London stocks slip from near two-week highs as COVID-19 fears weigh

The export-laden FTSE 100 was down 0.9% after marking its best session in nearly three weeks on Monday in the wake of a jump in Chinese blue-chip stocks. The mid-cap FTSE 250 fell 0.4%, with banks , pharmaceutical and construction stocks leading declines.

London-listed shares retreated on Tuesday as investors booked profits after a strong rally in the previous session, with a surge in U.S. coronavirus cases also weighing on sentiment. The export-laden FTSE 100 was down 0.9% after marking its best session in nearly three weeks on Monday in the wake of a jump in Chinese blue-chip stocks.

The mid-cap FTSE 250 fell 0.4%, with banks , pharmaceutical and construction stocks leading declines. Newspaper publisher Reach tumbled 10.8% and was set for its worst day in more than three months as it said it would cut about 550 jobs — 12% of its workforce — after the COVID-19 pandemic hit circulation and advertising.

In a bright spot, online trading platform Plus500 jumped 5.7% to the top of the FTSE 250 after saying revenue in the first-half nearly quadrupled.