Dubai debt sends FTSE 100 plummeting
Dubai debt sends FTSE 100 plummeting
Thursday 26th November 2009
The FTSE 100 dropped over three per cent on Thursday in response to Dubai's move to delay debt payments.The London index ended the day on 5,194.14, a drop of 170.68 points – 3.18 per cent.
The drops represented the steepest slump since March 30th.
Leading the drops was Barclays, down 7.97 per cent to 291.10p, with Royal Bank of Scotland also falling 7.74 per cent to 33p.
The depressing picture for traders was not helped by technical difficulties leading to all trading being halted for more than three hours.
Severn Trent led the gains on Thursday, up 3.78 per cent, after the decision by watchdog Ofwat regarding cuts in water bills.
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