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FTSE ends day with triple-digit losses on Eurozone concerns

By BFN News | 04:54 PM | Wednesday 23 May, 2012


END-OF-DAY REPORT: Headline shares ended a dismal day with triple-digit losses on investor concerns over the Eurozone as the EU summit gets under way, with losses broad-based but miners falling furthest. At the close of business, the FTSE100 was down 136.87 points at 5,266.41 with the FTSE250 203.8 points lower at 10,375.72 and the FTSE Smallcaps 47.04 points lower at 2,890.13. NEW YORK US stocks tumbled in late morning trade on growing concerns over the future of Greece and the Euro. Approaching the close in London, the Dow Jones Industrial Average was down 150 points at 12,353, the S&P500 lost 14 points at 1,302 and the Nasdaq Composite slipped 31 points at 2,808. LONDON MARKETS Shares in all sectors were marked down in London today, with the continuing crisis in the Eurozone ahead of the European summit a major factor. Another was yesterday's downbeat assessment of the UK economy from the International Monetary Fund. Miners fell away sharply as metals prices melted, with Vedanta Resources the worst blue chip of the session, falling 95.5p (9.12%) at 951.5p. Elsewhere, Rio Tinto was 146p lower at 2,790.5p and Antofagasta lost 44p at 1,032p. Oil producers retreated as crude prices tumbled on hopes of a deal with Iran and a bigger-than-expected rise in US stockpiles, with BP slipping 8.05p at 393.9p and Royal Dutch Shell off 47.5p at 2,039p. The banks reversed, with Barclays the runt of the litter, down 8.4p at 180.5p. Lloyds Banking Group was 1.1p lower at 26.52p and Royal Bank of Scotland was down 0.91p at 21.04p. Aviva led the insurers lower, off 14.3p at 263.9p, whilst hedge fund manager slid 4.55p at 73.1p. Staying with financials, Aberdeen Asset Management was one of only three blue chips to show a gain today, up a modest 0.1p at 241.3p. Luxury clothes retailer, Burberry Group, which announced a jump in revenues and profits and a 25% increase in the dividend, fell 17p at 1,369p on concerns over future growth. Global brewer SABMiller slumped 77p at 2,396.5p ahead of final results tomorrow. Meanwhile, Morrisons was the best of the supermarket operators, although losing 0.7p at 267.3p. Peers Tesco and Sainsbury fared less well, down 5.2p at 304.6p and 2.6p at 292.2p. The best blue chip performer of the day was prosthetics maker Smith & Nephew, up 2.5p at 594.5p on revived bid rumours. Satellite broadcaster BSkyB made up the gainers list, up 4.3p at 693p after effective clearance of its pay TV offering by the Competition Commission. In the midcaps, one of the main gainers was transport operator FirstGroup which was up 15.2p at 220.1p after announcing strong annual figures. At the other end of the spectrum, London Stock Exchange was marked down 74p at 947p on news two of its largest shareholders, Italian banks UniCredit and Intesa Sanpaolo, have decided to pull out and dispose of their holdings. Story provided by StockMarketWire.com