FTSE wobble as eurozone fears remain
The top share index in the UK was lower on Tuesday as concerns over the continuing eurozone debt crisis continued to plague investors. By the end of the session the FTSE 100 was down by 0.5 per cent, with more than 30 points wiped off to close at 5751.
Chris Bradshaw
shareprices.com - Tuesday, January 24, 2012
The resistance level of 5787 proved too much of a challenge for flighty investors who became spooked by the ongoing debt talks being held with Greece and the potential for a default still to occur. Financial firms were amongst the heaviest fallers of the day with their exposure to European debt putting them on the back foot. The sector was also rocked by a further downgrade for France as several of its big banks saw their ratings chopped over night by Standard & Poor.
Royal Bank of Scotland was the top faller amongst the UK bankers, shedding 3.87 per cent and only propped up at the bottom of the leaderboard by Pearson who dropped by 4.29 per cent. Lloyds was also amongst the bottom 10 stocks of the day, losing 2.78 per cent. HSBC whilst faring slightly better was still in the red with a loss of 0.88 per cent.
Other financial firms also had a torrid day with both Hargreaves Lansdown and Ashmore suffering a broker downgrade, pushing their shares down by 3.43 and 2.37 per cent respectively.
However, there were some success stories but these primarily belonged to defensive stocks as risk appetite was definitely not on the menu for Tuesday. International Power was the top riser, climbing by 2.40 per cent whilst SSE, National Grid and British American Tobacco all firmed.
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