FTSE 100 down 1.8%

Tuesday 1st September 2009

The FTSE 100 ended trading today down 1.82 per cent.

The index started the day with a drop – but by mid-afternoon the index had climbed to almost its opening price. It then dropped further to the lowest point in ten days.

It closed at 4,819.70 - down 89.20 points.

The market was rocked first by poor UK manufacturing data, but aided by a jump in early trading in New York.

However, as the Dow slipped London followed suit.

At 11:55 EDT, the Dow was down 1.55 per cent to 9,348.69.

"Today’s numbers have shown that there could still be a few bumps left along the way for the UK economy, but as far as stock markets are concerned the mood for shares is still positive," said David Jones, chief market strategist at IG Index.

"We have seen a couple of days of weakness around the world, but for now there still seems to be enough buyers happy to step in and provide support. It looks premature to start worrying about a bigger correction."

Leading the drops in London were the miners – reflecting the general unease about the economy.

Eurasian dropped 6.94 per cent, Vedanta was down 5.25 per cent, Lonmin slipped 4.93 per cent and Anglo American fell 4.90 per cent.

Lloyds Banking was down 4.79 per cent to 106.01p.

The limited gains were held by the defensives.

Reckitt Benckiser rose 0.95 per cent, Guinness brewer Diageo rose 0.89 per cent, Autonomy gained 0.77 per cent and British American Tobacco climbed 0.75 per cent.

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