FTSE slumps as fear spreads through market

The top share index in the UK fell dramatically on Thursday to close at levels not seen since the aftermath of the Japanese earthquake disaster. By the end of the day, the FTSE 100 had plunged by 1.7 per cent to reach 5674, more than 98 points lower.

Chris Bradshaw
shareprices.com - Friday, June 24, 2011

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One of the major factors influencing the market was the announcement by the International Energy Agency that it would be releasing around 60 million oil barrels in a bid to try and drive down prices which had spiralled. This move comes following the ongoing unrest in Libya and OPEC's decision not to up its oil production.

The decision appeared to catch the market by surprise and oil firms fell heavily on the news. Essar Energy and Cairn Energy were in the top 10 FTSE 100 fallers, shedding 4.30 and 3.50 per cent respectively.

Oil depending industries were one of the few heading in the opposite direction, with International Airlines Group and Carnival up by 0.7 per cent and 0.8 per cent.

The miners also were heading south on Thursday as the price of metals fell following the comments made by US Federal Reserve chairman Ben Bernanke sending investors selling off commodities and strengthening the dollar. The biggest faller on the FTSE 100 was miner Vedanta Resources with 6.86 per cent sliced off its price, while Eurasian Natural Resources, Kazakhmys and Xstrata were also in the top 10 worst performing stocks, with drops of 5.05, 3.77 and 3.57 per cent.

 

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