FTSE plummets over global economic concern

The leading share index in the UK was locked into a downward spiral on Tuesday after economic concerns in both Spain and the US reared its heads to send investors running for the hills. By the close of trade, the FTSE 100 was down by 1.44 per cent reaching 5798.

Chris Bradshaw
shareprices.com - Wednesday, October 24, 2012

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Risk appetite had very firmly been removed form the table on Tuesday as investors sought out safe havens to protect themselves against the brewing financial storm. Spain was yet again in the news after it was revealed that the Prime Minister had fared surprisingly well in elections, leaving him under far less pressure to request a bailout in the coming weeks. Growth figures for the troubled nation also tumbled further - expected given the austerity measures - whilst five Spanish regions faced the humiliation of a downgrade to a junk status from ratings agency Moody's.

In the US, more corporate earnings were reported, with giants such as DuPont, Xerox and United Utilities all failing to excite investors and warning over potential profit losses for the year.

With investors moving away from risk, it is less surprising that the miners endured a terrible day. Kazakhmys was bottom of the pile, shedding 4.19 per cent whilst its peers including Antofagasta, ENRC, Rio Tinto and Anglo American all failed to excite.

ARM Holdings was one of the two stocks continuing perform well, higher by a impressive 7.65 per cent. The company was wanted after providing a strong trading update and said that it would be uplifting its profit targets for the year.

 

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