FTSE 100 down 2.09%
FTSE 100 down 2.09%
Wednesday 3rd June 2009
The FTSE 100 slumped 2.09 per cent to 4,383.42 as several stocks went ex-dividend and investors took profits from recent gains.Mining and oil stocks were the main drag on the index, with Vedanta Resources down by 7.97 per cent and Xstrata fell by 6.43 per cent, while Tullow Oil fell 3.08 per cent.
Banking stocks were also out of favour, with Royal Bank of Scotland down by 5.25 per cent and Lloyds Banking Group down by 5.04 per cent.
Investors are selling off stock after the market reached a recent multi-month high of 4,500, taking the index back to last week's range.
The sell-offs continued despite a report out today signalling growth in the service sector for the first time in 13 months in May.
US markets were also down in morning trading, with the Dow Jones falling 1.08 per cent and the S&P 500 down by 1.48 per cent.
Analysts are expecting the market to remain broadly flat until more solid evidence of an upturn in the economy is reported.
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