FTSE 100 loses £55billion as gas prices soar & tensions between Russia and Ukraine rise

THE FTSE 100 lost £55billion in value yesterday as gas prices climbed amid rising tension between Russian and Ukraine.

London’s index of leading stocks fell 2.6 per cent to 7,297.15 over fears a conflict would derail the recovery from the pandemic.

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Michael Hewson, chief market analyst at finance firm CMC Markets, said: “The escalating drumbeat of conflict risk in Ukraine’s seen European equity markets fall sharply.”

Hargreaves Lansdown analyst Susannah Streeter said: “There are worries a conflict on the fringes of Europe could upset longer term recovery.”

UK wholesale gas prices rose more than 17 per cent yesterday, threatening further rises to energy bills.

Analysts at Goldman Sachs warned they could hit record levels if the conflict hits supplies to Europe.

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