FTSE slips over renewed growth fears

The top UK share index fell on Thursday as concerns re-emerged about the global economy. By the end of the session, the FTSE 100 had dropped 0.7 per cent, shedding over 38 points to fall to 5403.

Chris Bradshaw
shareprices.com - Friday, October 14, 2011

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The market was sent running for cover again as data from China renewed worries about their economy, sending mining stocks tumbling as a result. In addition a poll from Reuters revealed that stagnation would be a positive outcome for most of the largest developed economies in the world, whilst at the same time the IMF warned that Asian markets were facing an increase in their short-term risks.

Mining was one of the poorest performing sectors on the day with losses of 3.77 per cent. Anglo American was one of the notable fallers, shedding 4.7 per cent. The firm's stocks were doubly rocked by news that Chilean mining superpower Codelco had purchased a 49 per cent share, sparking fears that growth could be smothered by the move. Rio Tinto also dropped lower, sliding by 2.3 per cent, despite the miner issuing an upbeat trading statement and declaring an optimistic outlook.

The other industry dropping heavily were the bankers, as they were stung with a downgrade from a second credit ratings agency, Fitch's. Barclays headed the list of the stocks which lost the most in the FTSE 100, down by 7.38 per cent. Royal Bank of Scotland and Lloyds Banking Group were also in the bottom 10 performers, with losses of 6.39 and 5.48 per cent.

Despite the overall downward movement, some stocks managed to make significant gains. Rolls Royce was one such firm, soaring by 9.90 per cent, as it unveiled two initiatives which are predicted to up the profits significantly.

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