FTSE slips lower as investors eye credit warning

The top share index in the UK slid lower on Tuesday as the ongoing saga of the eurozone combined with the credit agency downgrade to send the market towards more defensive stocks. By the end of the session, the FTSE 100 was lower by 0.1 per cent, closing at 5900.

Chris Bradshaw
shareprices.com - Tuesday, February 14, 2012

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Lloyds Banking Group

Moody's decision to downgrade six eurozone nations and place warnings on three others, including Britain, weighed on a market already doubtful over the resilience of Europe. Adding to the mix was the impending meeting between finance ministers for the so-called 'showdown' over the Greek commitment to meeting austerity targets.

Financial firms and miners made up the majority of the bottom of the leaderboard as investors took their profits from risk-averse stocks. With sterling drooping to a two week low against the dollar, sending mining firms lower.

Royal Bank of Scotland was the heaviest casualty of the day, dropping by 5.16 per cent whilst Lloyds Banking Group was third from bottom with a loss of 2.86 per cent. Separating the two was mining giant Rio Tinto, shedding 3.07 per cent with its peers Vedanta Resources and Xstrata also trailing as they fell by 2.42 and 2.39 per cent respectively.

At the top of the table, outsourcers had a good day with distribution specialist Bunzl leading the pack with a rise of 3.70 per cent. The rise was prompted by a broker upgrade ahead of its full year results due at the end of the month.

Its outsourcing peer Capita also had a good day, climbing by 2.13 per cent after it was picked as the partner for the Army's Recruiting Partnering Project.

 

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