FTSE 100 drops back under 5,000
FTSE 100 drops back under 5,000
Thursday 10th September 2009
London saw the FTSE 100 fall back under 5,000, as a lid was put on yesterday's optimism.The index closed down 0.33 per cent – or 16.62 points – to 4,987.68, as a late surge pulled up the gap on the closing price.
London was aided as New York saw further gains. The Dow was up 0.19 per cent to 9,565.81 at 12:01 EDT (17:01 BST).
Retailers took a thwack after Home Retail's results disappointed investors.
Home Retail was down 6.73 per cent, Next dropped 4.12 per cent and Kingfisher closed 3.98 per cent off the pace.
Miner Antofagasta was down 3.23 per cent.
Thomas Cook led the gains up 4.61 per cent, while TUI Travel was up 4.17 per cent.
Cairn Energy gained 3.28 per cent and Autonomy was up 2.58 per cent.
David Jones, chief market strategist at IG Index, said today's trading was calmer after the excitement of passing the 5,000 mark yesterday.
Heading towards the close, UK shares look set to finish off slightly lower on the day.
"Results from Morrisons, Home Retail and Kesa Electrical were varied, but a common theme was of a fairly cautious outlook over the coming months," he said.
"This does tie-in with the consumer data we have been seeing lately - although consumer confidence has been on the up, retail sales fell in August as consumers continue to pay off record amounts of debt.
"It’s clear that many are still concerned about their economic prospects going forward and with unemployment likely to be a major worry, it’s not too surprising that retail share prices are going to feel the pressure from this."
Mr Jones added: "The FTSE 100 index has now risen by almost 20 per cent in the past two months so there is definite scope for some sort of sell-off from here, but there is nothing to suggest that we should brace ourselves for a deeper move lower.
"Investors and traders still seem happy to view the dips as opportunities to jump on board before the next swing higher – we won’t be waiting too long before the market is back above 5,000."
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