FTSE 100 matches US drops
FTSE 100 matches US drops
Friday 26th June 2009
The FTSE 100 started Friday with a jump and then dropped steadily throughout the day, following falls in the US.The blue chip index ended the day – after opening and stretching over the 4,300 mark – at 4,241.01.
The fall represented a 0.27 per cent – or 11.56 point – drop on the day.
Over the week there was a 2.41 per cent fall as recent optimism turned as traders realised recent economic good news was really economic 'not so bad' news.
Heads were down also in New York as the Dow Jones slipped 0.62 per cent at 11:57 EDT (16:57 BST), while Chicago's S&P 500 was dropped 0.48 per cent.
Technology group Invensys led the drops down 2.44 per cent, followed by sector mate Sage down 2.00 per cent.
Miner Eurasian dropped 1.95 per cent and brewer SABMiller slipped 1.88 per cent.
However, some notable gains came through.
Petrofac was up 4.63 per cent and Royal Bank of Scotland gained 3.74 per cent to 38.13p.
Marks & Spencer was up 2.97 per cent and builders merchant Wolseley climbed 2.78 per cent.
David Jones, chief market strategist at IG Index, said: "After the decline seen at the start of the week, the last few days have seen share prices claw back some of losses, but it is clear that the upbeat outlook that powered the FTSE from the 3500 mark in March to above 4500 in early May has gone for the moment.
"There is simply not enough positive news flow to fuel sentiment and after a 30 per cent bounce back off the year's lows, investors are struggling to see much upside, particularly with the prospect of the usually quiet summer period around the corner."
He added it seemed unlikely there were going to be the "stomach churning sell-offs" we saw earlier this year, but it would be some gradual unwinding at least some of the gains of the past three months.
"With no-one quite sure how we will be able to decide that the future of global economies is becoming clearer, and recent data hardly suggesting that an imminent recovery is in the bag, none of us should be too surprised if stock markets remain under at some pressure in the weeks to come," Mr Jones concluded.
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