FTSE falls as growth gremlins re-emerge

The top share index in the UK once again fell as investors retreated from higher risk assets as fears over growth dominated the market. By the close of the session, the FTSE 100 was lower by 0.5 per cent, reaching 5410, a loss of over 26 points.

Chris Bradshaw
shareprices.com - Tuesday, October 18, 2011

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Rio Tinto

Global growth concerns haunted investors as overnight statistics from China revealed that the last quarter's figures were the slowest in two years which, combined with the uncertainty around the US recovery and the eurozone debt problems, created a market run from assets such as banking and mining.

Standard Chartered was one of the heaviest hit stocks, dropping 2.8 per cent as it suffered from its Asian connections.

The miners, however, were the sector that slumped the most overall as traders banked their profits. Rio Tinto was one of the biggest fallers, losing 4.32 per cent whilst Vedanta Resources and Lonmin were lower by 3.48 and 2.69 per cent respectively.

Xstrata was also amongst those in negative territory after releasing its figures for the third quarter. The firm announced that thermal coal production reached uncharted peaks but ferrochrome production dropped as a side-effect of the drop in alloy prices.

But not all firms had such a tough day, G4S was top of the leaderboard, rising 9.82 per cent after it saw more than a fifth wiped off its shareprice the previous day following the announcement of its purchase of rival firm ISS.

Also performing well again was BP, adding 1.26 per cent, still profitting from news that it has reached a settlement agreement with its Gulf of Mexico partner, Anadarko, over the oil spill liabilities.

 

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