FTSE falls as eurodeal looks in doubt

The leading share index in the UK dropped on Wednesday as fresh concerns were raised about the viability of the deal being hammered out by euro finance ministers. By the close of the session, the FTSE 100 was lower by more than 21 points, dropping 0.4 per cent to reach 5546.

Chris Bradshaw
shareprices.com - Thursday, December 08, 2011

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The blue chips had earlier hit a session high of 5631 but sentiment was knocked by comments from an anonymous German source. A senior official in the German government chose to speak to the Press on the condition that his identity was not revealed and said that Berlin believes a deal may be beyond reach. According to the unnamed source, Germany believes that some of the other governments across the bloc are not sufficiently committed to the cause and has privately accused them of being too blasé.

The heaviest faller of the day was financial firm ICAP, which slumped by 4.4 per cent as a broker downgrade sent investors running.

The financial sector had a difficult day overall, being the third worst performer with an overall drop of 2.33 per cent with stocks across all of the indices struggling against pre-summit nerves.

Only three sectors were in the blue, with personal goods taking top spot with a rise of 0.63 per cent. The jump was largely attributable to blue chip firm Burberry who were higher by 0.79 per cent.

Also on the up was Randgold Resources who led the leaderboard with a gain of 3.50 per cent whilst its peers Vedanta Resources and Eurasian Natural Resources Corporation also featured in the top ten with climbs of 1.20 and 0.89 per cent respectively.

 

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