FTSE 100 down 2.38%
FTSE 100 down 2.38%
Monday 17th November 2008
The FTSE 100 lost last Friday's brief optimism today, dropping over two per cent amid mounting global recession fears.The index closed down 2.38 per cent to 4,132.16 - a fall of 100.81 points.
Morning trading in New York also saw the Dow Jones drop down 0.52 per cent at 11:54 EST (16:54 GMT), after seeing a lunchtime return from early falls.
Despondency emerged from the weekend break in Europe – with the Dax down 3.58 per cent and the Cac 40 losing 3.46 per cent amid a myriad of financial losses.
In London, loses were most strongly felt in finance and mining.
Royal Bank of Scotland saw its share price fall to 44.70p – a drop of 12.35 per cent – and seeing a record low of 43.20p over the day.
A year ago, the RBS share price was at 513.50p.
HBOS fell 13.87 per cent to 74.50p.
Lloyds TSB – completely the triumvirate of banks seeking state help – fell 10.24 per cent to 149p.
Miner Kazakhmys was down 11.86 per cent and builders merchant Wolseley dropped 10.92 per cent.
Leading the gains was electronic interdealer broker ICAP which rose 5.67 per cent.
Petrofac gained 2.02 per cent and Legal & General rose 1.99 per cent.
Anthony Grech, market strategist at IG Index, said: "Retailers, financials and construction companies were the hardest hit today as the downbeat sentiment continues – news of 52,000 more job cuts at Citigroup helped drag the mood lower while Wall Street dropped on opening to ensure a negative afternoon session for the FTSE."
He added: "As the world’s largest economies head into what could be a prolonged recession, industry reports claim the UK economy could be expecting its most severe contraction in 28 years.
"The economic crisis is mutating rapidly and investors seem much more willing to sell at the slightest chance, with positive news reports few and far between.
"Bailout plans seem increasingly aimed at keeping economies afloat rather than acting as catalysts for a recovery, so we should expect more doom and gloom as the FTSE edges closer to the psychological 4000 mark – a level which could encourage more investors to jump on the selling bandwagon."
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