FTSE suffers worst week in eight over continuing Greek drama
The top share index in the UK ended the week with a slump as fresh concerns arose over whether Greece would agree to the terms of the bailout and avert a crisis in the eurozone. By the close of the final session, the FTSE 100 was down by 0.7 per cent, with just over 43 points wiped off the index to reach 5852.
Chris Bradshaw
shareprices.com - Monday, February 13, 2012
The fall in the FTSE was precipitated by a further downturn in the saga of the Greek bailout deal. Just as it appeared a consensus was being reached, further questions were raised, delaying the deal even further. With the deadline rapidly approaching in order to get the next round of aid paid on time, eurozone finance ministers are becoming increasingly nervous about the prospect of a default.
The downward pressure on the FTSE by the Greek fiasco was compounded by weak data from China. The latest figures showed a drop in imports which dented confidence in the miners but also sent a ripple of concern around all sectors as a slowdown in the Chinese economy would impact globally.
The banks tumbled on the news but Barclays was the one exception to the rule, rising 0.4 per cent after it announced its Q4 figures. Despite being lower than predicted, some key facets over capital and flexibility boosted analysts' interpretations.
However, the biggest drag on the bluechips on Friday were the miners as the Chinese data weighed heavily on the sector. The biggest casualty was Anglo American, down by 3.98 per cent and whilst its peers fared marginally better there was still widespread losses. Antofagasta was lower by 1.78, BHP Billiton 2.72 and Eurasian Natural Resources by 3.52 per cent.
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News
- FTSE climbs as EU summit approaches
22 May 2012 - FTSE climbs as markets calm
22 May 2012 - FTSE falls further as ratings agency action worsens fears
20 May 2012 - FTSE plummets further as Greece dominates markets
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16 May 2012 - FTSE plunges further as Greece heads for the polls...again
15 May 2012 - FTSE nosedives over Greece concerns
15 May 2012 - Late surge for FTSE to finish in the blue
14 May 2012 - FTSE breaks losing streak; aid reached Greece
10 May 2012 - FTSE crashes further over Greek uncertainty
9 May 2012
