FTSE tumbles to eight month slump
The FTSE 100 index took a beating for the fourth day in a row with a meteoric plunge to reach an eight month low. By the close of trade, the blue chips had plummeted by 2.3 per cent, a fall of over 133 points to finish at 5584 a level not seen since November 2010.
Chris Bradshaw
shareprices.com - Thursday, August 04, 2011
Despite the worst of the US debt crisis passing, the dismal growth prospects for the global economy led to twitchiness in the market.
Oil and gas producers were bottom of the class on Wednesday as the sector shed 3.86 per cent overall. Part of the reason for the decline was the sharp drop in the price of oil, with Brent falling by 2% as fears over demand spread through the market.
Cairn Energy were one of the worst performers with a fall of 5.1 per cent as the oil explorer announced that its mission off the shores of Greenland had failed to strike oil. The top 10 biggest fallers in the FTSE 100 also included Tullow Oil, down by 5.19 per cent and Royal Dutch Shell lower by 4.67 per cent.
As China told markets that it experienced a three month slow in its service sector growth, concerns over commodities drove the price of metal and mining shares downwards. BHP Billiton was one of the heaviest hit stocks with a fall of 4.22 per cent. Kazakhmys was also a top 10 faller with a slide of 4.46 per cent.
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