FTSE falls but volumes drop
The top share index in the UK slipped back on Wednesday after a see-saw session which led to the FTSE 100 sliding up and down all day. By the close of the session, the blue chips were lower by 0.4 per cent, a fall of more than 26 points to reach 5389.
Chris Bradshaw
shareprices.com - Wednesday, December 21, 2011
Investors were initially cheered by further good news from the continent as the ECB offered bankers three year loan deals in order to try and put an end to the eurozone debt turbulence. However, the amount provided shocked the markets with close to double original estimates being given and taken up by Euro banks without delay. Market mood was also dampened by rumours that there would be a sovereign debt downgrade for France.
Banks performed well in the morning but by the end of the day only Lloyds had managed to cling on to its gains, heading up the leaderboard with a rise of 5.25 per cent. HSBC posted a loss of 0.79 per cent after it announced its private banking enterprise in Japan was being sold, with the result of around 30,000 potential job losses. The bank said the sale formed part of its 'Strategy Execution Plan' and was a key component to reaching 2013 cost efficiency targets.
The retailers had a difficult day with both Marks and Spencer and Sainsburys in the bottom 10 performers of the day, shedding 2.46 and 2.15 per cent respectively. Tesco was also lower by 1.30 per cent. The sector was hit by a drop in the consumer confidence index which had been expected to rise but dropped by 2 points plus a gloomy report from credit agency Fitch warning of a particularly tough time for British retailers in the coming 12 months.
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