UK shares tumble again, Micro Focus scraps dividend

Britain's stock markets toppled on Wednesday, as more stimulus measures by policymakers to support global growth failed to quell worries about the economic fallout of the coronavirus pandemic. The blue-chip FTSE 100 fell 3.5% by 0816 GMT, with miners, oil & gas companies and life insurers leading declines.

IT company Micro Focus International slumped 9.4% as it scrapped the final dividend as part of its plan to brace for the fall out of the pandemic. UK shares closed higher on Tuesday after the Trump administration pushed for a $1 trillion stimulus package and UK government's 330 billion-pound ($399 billion) lifeline of loan guarantees, among others.

That, however, was short-lived as more companies came out with drastic warnings. Pub group Marston's dropped 7.9% as it said it was unlikely to recommend an interim dividend and was in discussions to have the option of having debt covenants waived later this year.

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