FTSE 100 drops 1%
FTSE 100 drops 1%
Tuesday 13th October 2009
The FTSE 100 dropped back on Tuesday losing 1.08 per cent.At close the index stood at 5,154.15 – a fall of 56.02 points with tumbles in the afternoon.
Leading the drops today was Marks & Spencer down 4.28 per cent.
The retailer was down as an investor day saw presentations from senior managers to investors, also being seen as a chance for M&S executives to show their credentials as a replacement to chief Sir Stuart Rose.
Fellow retailer Next was down 2.93 per cent.
Smith & Nephew was down 3.18 per cent, Barclays fell 3.39 per cent and Prudential lost 2.65 per cent.
Leading the gains was Smiths Group up 2.16 per cent
Lonmin was up 1.93 per cent, BAT gained 1.23 per cent and Fresnillo climbed 1.09 per cent.
In the US, the Dow was recovering from an early drop and by 11:47 EDT (16:47 BST), it was down 0.04 per cent to 9,882.02. The S&P 500 was down 0.17 per cent after following a similar path.
Tim Hughes, head of sales trading at IG Index, said: "After pushing out to the best levels seen in a year on Monday, global stock markets have slid back today.
"As the old cliché has it: ‘bull markets climb a wall of worry’, and with the FTSE having risen by 50 per cent in seven months, investors are nervously looking for signs that the good times are coming to an end."
As inflation in the UK dropped, the currency markets came into focus again today.
Sterling was up 0.49 per cent against the dollar to $1.5875 and up 0.10 per cent against the euro to €1.0707.
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