FTSE 100 heads down 3.57%
FTSE 100 heads down 3.57%
Tuesday 11th November 2008
The FTSE 100 was down 3.57 per cent today at the end of play – wiping out gains seen last week and from Chinese moves as the bears moved back into the markets.At close the index of top 100 shares was down 157.23 points to 4,246.69.
Drops were egged on by further drops across the Atlantic as the Dow Jones slipped 3.22 per cent at 12:10 EST (17:10 GMT).
In London commodity stocks show the lion's share of drops – as oil prices descended and Brent Crude fell 3.4 per cent to $56.74 a barrel.
Vedanta Resources was down 14.41 per cent, Eurasian fell 9.94 per cent and Petrofac dropped 9.79 per cent.
Hedge fund Man Group was down 11.58 per cent and WPP fell 10.43 per cent.
On the upside, Vodafone was up 6.23 per cent on restructuring plans, while Tesco gained 2.69 per cent.
Pharma giant GlaxoSmithKline – from a sector traditionally seen as a safer haven in stormy weather – was up 1.04 per cent.
In Paris, the Cac 40 dropped 4.83 per cent and Frankfurt's Dax was down 5.25 per cent.
Tim Hughes, head of sales trading at IG Index, said: The FTSE looks likely to shed the gains made over Friday and Monday, as the lack of any strong news meant traders didn't have much to play with today.
"The negative state of the current economic climate is clearly still lurking in the minds of many investors though, with poor mining and banking sector performances adding to the inevitable downturn."
He added: "As the FTSE tumbles, it seems investors are still raising doubts over whether the Chinese economic injection has produced any new information, with the long-term outlook still bleak.
"The mining sector's swift turnaround in fortune today could be an indicator that even this colossal monetary boost will not be enough to console the markets any time soon."
On the currency markets £1 was worth $1.563 – a drop of 0.4 per cent – while against the euro £1 hit €1.226, making €1 worth £0.816.
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