FTSE sags despite upbeat US data

The top share index in the UK was lower on Thursday as ongoing concerns over the debt crisis in the eurozone dampened investors appetite. By the end of the session the FTSE 100 had slipped by 0.1 per cent, dropping over 6 points to close at 5885.

Chris Bradshaw
shareprices.com - Friday, February 17, 2012

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Greek ministers were at odds with some of their counterparts across rope as both sides accused the other of putting the eurozone in jeopardy. Greece said that some nations no longer wanted them in the euro whilst Germany is reported as retorting that it is not willing to continue throwing money "into a bottomless pit". The European Central Bank has also slashed its predictions for the economic outlook for the region forecasting that the GDP will shrink by 0.1 per cent in the coming year and expand by the lower amount of 1.1 per cent in 2013.

However, stateside news helped to boost the market as US jobless figures yet again fell more than expected whilst the manufacturing index climbed.

This strengthened the US dollar sending mining stocks lower. Evraz was the top faller among the blue chips dropping 3.55 per cent whilst peer Polymetal International was only just better, shedding 3.33 per cent. In the mining sector, Randgold Resources, Antofagasta, Anglo American and Fresnillo were all in the bottom 10 stocks of the day.

In the meantime, credit agency Moody's confirmed it would be reassessing the rating for 114 financial firms across Europe because of the debt crisis. The news sent banks in a mixture of directions but both Barclays and Lloyds ended the day in the top 10.

 

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