Investors rotate from COVID beneficiaries to banks as England opens up

There was some rotation on Monday away from stocks that thrived during the COVID-19 pandemic and into the banking sector, as England opened its doors to pubs and hairdressers.

Rightmove
RMV,
-2.88%
,
the U.K. housing website operator, dropped over 3%, the worst performing component in the FTSE 100. Also lower was supermarket delivery company Ocado
OCDO,
-2.74%
,
as well as home-improvement chain Kingfisher
KGF,
-2.44%
.

U.K. banks, however, advanced, with gainers for Barclays
BARC,
+1.03%
,
NatWest Group
NWG,
+0.84%

and Lloyds Banking Group
LLOY,
+0.77%
.
The pound
GBPUSD,
+0.43%

also rose.

Monday marked the reopening date for outdoor pubs, shops and hairdressers in England.

The mini rotation came amid a decline for the FTSE 100
UKX,
-0.30%
,
with stocks globally retreating in the face of negative news out of Asia, and in particular India
1,
-3.44%
,
on coronavirus cases.

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