FTSE 100 shrinks on Wolseley losses

Wednesday 28th October 2009

The FTSE 100 dropped 1.02 per cent this morning as miners and financial stocks took a hit.

At 08:55 GMT, the index was at 5,147.91 – a drop of 53.06 points.

Builders merchant Wolseley was down 4.39 per cent, while hedge fund Man Group lost 4.17 per cent.

Royal Bank of Scotland was down 4.35 per cent to 39.03p, as concerns remained over any splitting of the business to meet state aid rules.

Miners Xstrata lost 3.70 per cent

Leading the gains was Shire – up 0.96 per cent – as the pharma stocks saw gains with traders looking for defensives.

Smith & Nephew rose 0.37 per cent and GlaxoSmithKline rose 0.64 per cent.

BT Group gained 0.67 per cent and BAE Systems rose 0.40 per cent.

Last night in New York, the Dow held firm and closed up 0.14 per cent, while Chicago's S&P 500 lost 0.33 per cent – despite a fall in US consumer confidence.

However, a sell-off started overnight in Asia.

The Nikkei was down 1.35 per cent and the Hang Seng lost 1.84 per cent.

In Europe this morning, the Dax lost 0.99 per cent and the Cac 40 was down 1.11 per cent. ADNFCR-1783-ID-19430067-ADNFCR

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