FTSE creeps lower but ends week higher overall
The top share index in the UK was down on Friday, as disappointment over weak data from China mingled with concern over the ongoing Greek debt talks. In the final session of the week the FTSE 100 was weaker by 0.2 per cent, closing at 5726, still above the key resistance level seen on Monday of 5700.
Chris Bradshaw
shareprices.com - Sunday, January 22, 2012
The drop on Friday ended a four week run of increases but was caused by a combination of poor macro-economic data arriving from China, weak earnings announced from major US firms and the ongoing Greek debt saga. But despite the tail-off, the bluechips still closed 1.6 per cent higher than they started the week with signs of volatility reducing, indicating a slowly strengthening confidence amongst investors.
Despite the day's downward trend, banks were on the up, making in the ninth session in a row they finished higher, with individual shareprices climbing back to levels last seen three months ago.
Mining stocks were one of the sectors hit the hardest on Friday, shedding 0.9 per cent, as a result of its sensitivity to figures from China. However, the industry has shot up by around 10 per cent in the previous eight trading sessions.
Oil firms were another group struggling to make an impression as the price of crude fell and broker predictions weighing heavily on the stocks. Weir Group were the heaviest faller of the day, with 6.01 per cent wiped off its share price, whilst Petrofac and BP were just behind in second and third bottom places with losses of 4.26 and 3.11 per cent respectively.
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News
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14 Feb 2012 - FTSE up as Greece agrees austerity measures
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