Sell-off on AIM and FTSE 350 follows major sell-offs in the US and Asian markets since Friday
Companies: ASC, PRSM, DEBS, IQE, KYYWY, PURP
Some of the best-known AIM-listed companies took a hit on Monday following heavy falls in Tech stocks across Europe, Asia, and on the Nasdaq.
Automation specialist Blue Prism led the AIM-listed fallers, losing nearly 9% by early afternoon bringing the stock down to 821p from recent highs of nearly 950p. There were also big losses at Boohoo.com (-8.27%), Purplebricks (-6.7%), Fevertree Drinks (-6%), Keyword Studios (-6%), IQE (-5.4%), and Asos (-4.24%).
The sell-off began on the Nasdaq on Friday, which lost 2% followed by a further 1.2% on Monday, the third largest one-day loss of the year. Europe's tech index fell by about 3.5%, its biggest loss since Brexit, after soaring 40% in the past year.
Apple, Facebook, Google, and Amazon were amongst US stocks that took a battering, with Mark Zuckerberg, Jeff Bezos, Sergin Brin and Larry Page losing a combined £5.2bn on Friday.
Markets are facing increasing uncertainty in the US and the UK, with Trump's administration mired in controversy, the UK government looking very unstable heading into Brexit talks.
Britain's sterling fell to $1.27 as embattled PM Theresa May sought to prop up her now weakened position following the loss of her majority in Thursday's General Election.
Adding to the UK's political uncertainty was a report from the Institute of Directors that showed a severe worsening in confidence from some of the UK's biggest businesses ahead of Brexit negotiations with the EU, due to start next week.
However, there is some respite for European markets as polling suggests Pro-EU President Macron will win a comfortable majority in the upcoming French Parliamentary elections, while the eurosceptic 5-Star Movement in Italy has failed to make the run-off vote in most major Italian cities in the local elections.
