FTSE revival short-lived

The top share index in the UK was lower again on Thursday despite looking as it was going to close higher for most of the day. By the end of the session the FTSE 100 was down by just over 16 points, losing 0.3 per cent to finish at 5489.

Chris Bradshaw
shareprices.com - Friday, December 02, 2011

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After the index leapt by a whopping 3.2 per cent on Wednesday fueled by the move to improve liquidity by the world's central banks, markets were heading lower again by the end of the following session over demand concerns. Some of the biggest economies including Britain, China and the US, as well as the eurozone reported poor manufacturing figures triggering fears over demand for the mining sector and sending the price of copper through the floor.

Lonmin was the heaviest faller from the miners, shedding 3.08 per cent whilst Vedanta Resources slipped by 0.8 per cent, also rocked by a broker downgrade.

The banks also gave up some of the gains made in the previous session with Lloyds Banking Group dropping by 3.32 per cent, whilst Royal Bank of Scotland and Barclays were also in the bottom 10 of the day with losses of 2.10 and 1.72 per cent. But despite the poor performances on Thursday, the sector remains close to 9 per cent higher for the week so far.

At the other end of the leaderboard, Resolution was the top performer of the day with a rise of 3.86 per cent. The financial firm was boosted when the High Court authorised its plans to transfer sections of its operation to the Friends Provident Life and Pensions Limited arm of the group.

Second in the highest risers of the day was Burberry, up by 2.99 per cent. The increase was attributed to the change in the Chinese reserve requirement for its banks as the luxury goods firm has a thriving market in the country.

 

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