Volatile FTSE ends grim October on high
Volatile FTSE ends grim October on high
Saturday 1st November 2008
The FTSE 100 index ended a remarkable October month on a high after notching up its highest ever gains for a week.The capital's leading share index finished 12.7 per cent higher in the week from October 26th to October 31st as it was boosted by coordinated emergency rate cuts by the EU, US and UK and a further 0.5 per cent interest rate cut by the US federal reserve this week.
However, October 2008 has been the second worst October ever as financial turmoil wiped off billions of the market value of companies.
A series of devastating events from the fall-out from the bankruptcy of investment bank Lehman Brothers, to recession concerns and fears about the liquidity of the top UK banks sparked widespread sales on stocks.
The index suffered its worst day ever when it fell by nine per cent on October 10th.
In spite of the rally this week, the FTSE is down by 10.7 per cent in October and 32 per cent lower than at the beginning of the year. It ended the week 85.69 points higher at 4,377.34.
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