FTSE 100 drops to lowest level for October

Wednesday 28th October 2009

The FTSE 100 dropped over two per cent on Wednesday.

At close it stood at 5,080.42 – a fall of 120.55 points or 2.32 per cent – putting it at its lowest level since the start of the month.

Leading the drops was Prudential, down 9.83 per cent.

The insurer dropped as third quarter sales fell nine per cent overall and 22 per cent in the UK. Growth was reported in Asia and the US.

Miners also weighed heavily on the index, as low metal prices worried traders.

Xstrata was down 9.40 per cent, Kazakhmys lost 9.15 per cent and Lonmin fell 8.36 per cent.

Hedge fund Man Group was down 9.15 per cent.

Friends Provident was up 2.53 per cent, while supermarkets Tesco and Morrisons rose 1.91 per cent and 1.28 per cent respectively.

Diageo gained 1.09 per cent.

In the US, the Dow was down 0.48 per cent at 12:48 EDT (16:48 GMT), while the S&P 500 lost 1.19 per cent.

"Increasingly, there are more and more shades of grey on this road to recovery than many had expected," said Anthony Grech, market analyst at IG Index.

"As fluctuations in economic data and both consumer confidence and consumer demand become more apparent, it's difficult not to picture wary households, eyeing debt levels and taking stock by executing more considered short and long-term spending plans.

"Debt – business, personal and indeed, part-political – continues to hold all the cards. And increasingly, there are more and more shades of grey on this road to recovery than many had expected."

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