Reseller valuations down as London Stock Exchange opens to huge losses

Coronavirus continues to impact stock exchanges across Europe

UK reseller stocks are down this morning as the coronavirus and oil trade war ravaged markets at the opening bell.

London's FTSE 100 dropped by 8.5 per cent, while channel businesses - which are outside the 100 biggest firms on the stock exchange - also felt the effect, with their valuations falling as much as eight per cent.

Around £130bn was wiped off the FTSE 100 this morning, according to the BBC, leaving the market facing its worse day since the financial crisis.

The drop comes as the coronavirus continues to spread globally, while a clash between Russia and Saudi Arabia saw the price of oil drop as much as 30 per cent, spooking investors further.

The UK's two largest publicly listed tech firms, BT and Sage, saw their share prices fall around seven per cent.

Exertis parent company DCC, which is also a FTSE 100 business, fell by the same amount.

The graph below shows how some of the UK's publicly listed resellers saw their share prices change this morning.

Meanwhile, resellers across Europe have been hit by similar drops (see below).