FTSE slumps to worst performance in nine years

The leading share index in the UK dropped on Friday as it registered the worst quarterly performance in nine years. By the close of trade the FTSE 100 was lower by 1.3 per cent, a drop of over 68 points to reach 5128.

Chris Bradshaw
shareprices.com - Friday, September 30, 2011

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Standard Chartered

The results mark the FTSE 100's worst display since 2002 with 13.7 per cent wiped off between July and September, a total of £218 billion lost. The slump has been largely attributed to persistent investor concerns about the possibility of a double dip recession combined with the effects of the euro debt crisis which the EU seems to be unable to get a grip on.

The alternative energy sector was the only industry ending the day in positive territory with a gain of 0.46 per cent whilst at the other end bankers were the worst off losing 4.57 per cent. Standard Chartered was the bank with the biggest drop, shedding 5.23 per cent whilst Barclays only fared marginally better with a loss of 4.61 per cent. Lloyds Banking Group was the seventh worst stock of the day with a decline of 4.44 per cent.

Although mining firms were lower overall by 3.66 per cent, the fortunes were mixed as precious metal miners once again reaped the reward as investors sought sanctuary in silver and gold. Silver specialist Fresnillo was the top blue chip gainer with a rise of 4.76 per cent whilst Randgold Resources was just behind in second place with an increase of 2.61 per cent. Mining form Kazakhmys did not fare so well, featuring in the bottom 10 performers with a loss of 4.92 per cent.

 

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