FTSE falls mid-week as Eurozone debt fears resurface

After closing Tuesday' session fairly flat at 5974, the FTSE 100 suffered a torrid time on Wednesday, dipping to 5936 by 2.41 GMT, a slide of 0.6 per cent as investors eyed debts in Europe, despite the worries over oil starting to ease.

Chris Bradshaw
shareprices.com - Wednesday, March 09, 2011

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Energy and oil firms suffered in the market as the spotlight on the price of crude continued to have an impact on trading for the firms. BHP Billiton shed 2.17 per cent whilst fellow powerhouses BP and Royal Dutch Shell fell by 1.1 per cent each.

Tullow Oil was one of the big fallers of the day despite the strong profits announced in its end of year results, with a jump to $152 million. This figure whilst better than predicted had less of an impact due to concerns over the impact the Middle Eastern crisis would have on oil and gas exploration firms.

The retail sector performed well on Wednesday after having a difficult time in trading over recent weeks. John Lewis provided a boost to the industry by confirming margins were higher by 20% for 2010 and confirmed the first five weeks of sales for 2011 were ahead by 6.5 per cent. This was the positive news the retailers had been waiting for with Marks and Spencers rising 1.2 per cent and peer Next also adding 1 per cent.

Another big victim of the day was British American Tobacco who saw 3.1 per cent wiped off its stock after the announcement in the news that cigarette and tobacco displays in shops were to be restricted, leading to fears of a fall in revenue for the group.

 

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