Segro, Croda, Howden: Top 3 losers in Tuesday's flash crash

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Segro, Croda, Howden: Top 3 losers in Tuesday's flash crash

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 Segro, Croda, Howden: Top 3 losers in Tuesday's flash crash
Image source: manine99, Shutterstock

Highlights

  • Shares across Europe plummeted on Monday due to an error committed by one of Citigroup’s traders, wiping out around £251 billion (€300 billion) from the market.
  • Several bourses, including Italy, Denmark, and Germany fell due to the flash crash, along with the UK’s FTSE 100. 

Shares across Europe plummeted on Monday, on May 2, due to an error committed by one of Citigroup’s traders. A small transaction mistake led to the flash crash, prompting an impulsive selloff in Swedish stocks. Just in a few minutes, around £251 billion (€300 billion) was wiped out from the market.

European shares falling during a flash crash

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Generally, trading mistakes caused by human errors lead to such flash crashes, or an exceptionally intense collapse of asset prices. The Wall Street giant has acknowledged the blunder and has said that the error was detected and rectified in minutes, but this disaster will impact Citigroup’s attempts of years to show that it is working towards the advancement of its financial controls. 

The bank is holding discussions with exchanges as well as regulators over the incident that took place yesterday. On Monday, Sweden’s OMX Stockholm 30 Index declined by around 2pc, after falling to around 8pc during the few minutes of the flash crash. Other exchanges in Italy, Denmark, Germany, and so on, also slumped but later recovered.

The UK’s FTSE 100 index also plummeted due to the flash crash and was down by 0.36% at around 2:30 PM (GMT+1) on 3 May 2022.

Let’s look at the share price performance of the top 3 FTSE 100 losers today.

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Segro PLC (LON: SGRO)

The shares of the UK-based REIT, Segro PLC, were down by 9.16% at around 2:30 PM (GMT+1) on 3 May 2022, at GBX 1,219.50. The FTSE 100 company has given a return of 21.03% to its shareholders over the last one year as of 3 May 2022, while its YTD return stands at -15.21%. The company currently has a market cap of £16,142.96 million.

 The UK’s FTSE 100 index also plummeted due to the flash crash and was down by 0.36% at around 2:30 PM (GMT+1) on 3 May 2022   

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Croda International plc (LON: CRDA)

The shares of the UK-based chemical firm, Croda International plc, were down by 6.25% at around 2:30 PM (GMT+1) on 3 May 2022, at GBX 7,316.00. The FTSE 100 company has given a return of 8.60% to its shareholders over the last one year as of 3 May 2022, while its YTD return stands at -27.24%. The company currently has a market cap of £10,888.04 million.

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Howden Joinery Group plc (LON: HWDN)

The shares of the British supplier of fitted kitchens, Howden Joinery Group plc, were down by 4.94% at around 2:30 PM (GMT+1) on 3 May 2022, at GBX 723.80. The performance of the FTSE 100 company has deteriorated over the last one year and its returns on both one-year basis and YTD basis are negative as of 3 May 2022, at -10.76% and -19.91% respectively. The company currently has a market cap of £4,451.63 million.

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