More than £65bn was wiped off the UK stock market on Friday, reflecting fears that a new coronavirus variant could wreak further havoc on international business and travel.

The FTSE 100 fell more than 3%, or 240 points, as the market opened on Friday morning, following steep drops in global markets.

Shares in major airlines plummeted with IAG, the owner of British Airways, falling more than 21% in early trading, while EasyJet plunged 16%. The UK government said it would add six countries, including South Africa, to the red list, with flights being temporarily banned.

Engine maker Rolls-Royce and oil giants BP and Shell were also among big fallers.

Overnight, Asian markets suffered their sharpest drop in two months after the detection of the possibly vaccine-resistant coronavirus variant.

The variant, first identified in Botswana, has a “very unusual constellation” of mutations that could help it dodge vaccine immunity and natural antibodies, scientists have said.

Related posts:

Pubs veteran Anand poised to toast RedCat acquisition Wetherspoons plans to open 18 new pubs but warns over ‘constant changing of rules’ Biggest London flotation for a decade delivers huge dent to City ambition India trade deal, purpose-built Uber cars and outdoor advertising Heathrow pleads for US to ease travel restrictions as passenger numbers creep up Boohoo to create 5,000 jobs as part of five-year investment plan Primark suffers pingdemic sales slump and supply chain delays Tax rise fears, London International Shipping Week and advertising revenue Not our job to enforce mask rules, retailers tell government Lego gives staff extra three days off as a thank you after an ‘extraordinary year’ Energy firm Drax denies health and safety breaches in wood dust case Chips are down: McDonald’s limits portions of French fries in Japan for another month