FTSE topples below 6000 over debt fears

Britain's leading share index was back in negative territory on Wednesday as poor results sent ripples of concern about the economy through the market once again. By close of business, the FTSE 100 index had fallen by 0.71 per cent to 5976, after gains of 1.3 per cent during the previous session.

Chris Bradshaw
shareprices.com - Wednesday, May 11, 2011

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Broadcasting firm ITV was one of the day's top fallers with losses of 5.27 per cent as it said it expected to see an underperformance compared to the rest of the market for the first half of the year.

BP was another one of the firms sliding down the leader board, despite receiving approval from the regulators regarding its purchase of Brazilian exploration blocks, a move that had been blocked for a year due to the Gulf of Mexico disaster. BP saw 1.64 per cent wiped off its share price on Wednesday.

Energy peer John Wood Group also fell in trading, with losses of 0.74 per cent. The drop came as the firm announced it fully anticipates its end of year results to be in line with expectations, describing itself as 'well positioned'.

In the mining sector, firms were also sinking as concerns over the global finances yet again hit commodities. Miners were amongst the top droppers of the session with Fresnillo and Kazakhmys both tumbling by more than 4 per cent with Antofagasta, Xstrata, Randgold Resources and Eurasian Natural Resources all shedding more than 2.20 per cent.

On the up side, Sainsburys' shares rose by 0.37 per cent as the supermarket giant reported a record-beating number of customer transactions, boosting the firm's profits to £22.94 billion.

 

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