FTSE revival short-lived as shares plunge again
Wednesday saw the FTSE 100 index nose-diving again with the brief resurgence on Tuesday just a brief interlude between its determined downwards descent. By the close of trade the index fell by 3.1 per cent reaching 5007 after shedding a chunky 157 points.
Chris Bradshaw
shareprices.com - Wednesday, August 10, 2011
The trigger for the latest plunge was anxiety over the possibility of France being downgraded by credit agencies as its banking system shuddered under the international spotlight. Societe Generale plummeted by 14.7 per cent as market talk focussed on its financial security.
The drop in the index was the biggest slump the market has seen since May 2009, with the banks leading the way lower.
Barclays was the worst performer in the sector and the second bottom stock in the blue-chips with a fall of 8.70 per cent. Also in the top 10 biggest fallers in the FTSE 100 was Standard Chartered, Royal Bank of Scotland and HSBC with drops of 7.52, 7.33 and 5.28 per cent respectively.
However, the stock which fell the heaviest on the day was Essar Energy which tumbled by 12.60 per cent following a broker downgrade.
At the opposite end of the spectrum was Standard Life which shot up by 5.7 per cent as it announced that its half yearly figures were 44 per cent higher than anticipated. Weir Group was another stock moving upwards as it added 1.9 per cent despite the general trend for the FTSE 100 driving in the other direction. Analysts said that the rise in price was due to a combination of a rise in broker ranking as well as recent weakness in the share price.
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