FTSE 100 falls in early trading
FTSE 100 falls in early trading
Tuesday 1st September 2009
The FTSE 100 dropped in early trading after the long weekend – as miners and RSA Insurance dragged the index down.At 09:31 BST, the FTSE 100 stood at 4,893.86 – a fall of 15.04 points or 0.31 per cent.
RSA Insurance led the falls down 3.91 per cent – following reports over the weekend in the Telegraph that the firm was due to tap shareholders in a $1 billion rights offer.
Elsewhere, the miners also suffered – with Eurasian down 3.64 per cent, Xstrata falling 2.60 per cent and Anglo American dropping 2.57 per cent.
Cruise operator Carnival was down 3.42 per cent.
However, defensive stocks managed to hold back further drops for the FTSE 100.
Pharma stocks held firm, with Astra Zeneca up 2.90 per cent, Shire up 2.44 per cent and GlaxoSmithKline rising 2.16 per cent.
British American Tobacco rose 2.35 per cent.
Last night in the US, the Dow Jones fell 0.50 per cent and the S&P 500 was down 0.81 per cent.
Overnight in Asia, the Nikkei rose 0.36 per cent.
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