Credit warning dampens FTSE enthusiasm
The top share index in the country flatlined on Tuesday as a warning from one of the world's biggest credit agencies put an end to the excitement surrounding a potential end to the eurozone debt dilemma. By the end of the session the FTSE 100 was more or less where it started, shifting up by just 0.01 per cent, less than 1 point to finish on 5568.
Chris Bradshaw
shareprices.com - Tuesday, December 06, 2011
Standard & Poors were the party pooper in town as they warned that almost the entire single currency bloc in the eurozone could be facing a credit downgrade . Fifteen of the nations in the eurozone have been placed on an official monitoring status coupled with a negative outlook and even Germany, widely considered as an economic stronghold, was not exempt from the possible downgrade. France received the most severe warning but President Sarkozy said that the ratings agency had not adequately considered the latest agreement between his country and Angela Merkel of Germany.
Rather unsurprisingly banks took a big hit from the comments from S&P, with HSBC falling by 1.9 per cent.
The retailing sector also had a tough day as the latest figures revealed a further slump in sales figures on the high street, casting doubt on some stores' ability to remain solvent. Marks & Spencer was the biggest casualty in the sector in the blue chips tumbling by 4.29 per cent whilst Next only fared marginally better shedding 3.20 per cent. In the midcaps, Home Retail Group topped the list of fallers with a loss of 8.57 per cent whilst Kesa Electricals and Dunelm Group were the second and third worst performers with drops of 6.09 and 5.48 per cent.
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