FTSE falls as euro stumbles
More pressure was piled onto the leading share index in the UK on Thursday as concern over demand and eurozone fears hit investors. By the end of the session, the FTSE 100 was lower by 0.8 per cent, shedding over 44 points to end on 5624.
Chris Bradshaw
shareprices.com - Thursday, January 05, 2012
Eurozone bank stocks were sent plummeting by news that Unicredit hashad its shares suspended after a disastrous attempt at a rights sell-off. The Spanish economic minister also admitted that the country is likely to need around 50 billion euros to re-stabilise its banking system.
Whilst banks in the UK escaped the drama hitting their continental cousins, fears over demand weighed heavily on the mining sector.
The worst performer of the day was Vedanta Resources which slumped by 5.2 per cent, tracking the price of copper lower.
At the opposite end of the leaderboard Eurasian Natural Resources were in demand, climbing by 4.59 per cent as investors were buoyed by the announcement that it has reached an agreement with First Quantum, a Canadian miner, over the Democratic Republic of Congo. Silver miner Fresnillo was also bucking the trend, the second best stock of the day, rising by 3.25 per cent.
Outside the mining sector, ARM Holdings was one of the firms climbing into positive territory despite the number of fallers in the market. By the close of trade the chip manufacturer was higher by 2.6 per cent as it saw its shares lifted to 'buy' status by UBS. The broker says it expects ARM to thrash itsd estimates for the final quarter of 2011 attributing the increase to high spec smartphones as well as tablet computers.
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