Japan disaster shakes FTSE

An already fragile FTSE 100 index was tested further on Friday as the earthquake and subsequent tsunami that has rocked Japan sent investors running for cover. Britain's top share index closed the final session, down 0.28 per cent to 5829, after shedding a total of 2.7 per cent over the trading week.

Chris Bradshaw
shareprices.com - Sunday, March 13, 2011

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With the horrifying events in Japan unfolding over the course of the day, with fears over the stability of nuclear power stations also affecting sentiment, insurers took the biggest hit in the market, mainly due to fears that the industry could be slapped with huge claims. Aviva, Prudential and Standard Life were three of the notable firms who saw their prices slide, dropping 1.4, 1.6 and 1.9 per cent respectively.

Away from Japan, the situation in Libya remained unchanged, continuing to put pressure on the price of crude oil, with the valued oil port Ras Lanuf one of the sites being battled over.

Concerns over eurozone sovereign debt also continued to rumble on as Spain was the second country to see its credit rating downgraded by one of the major agencies. The bankers all fell over the unsettled outlook, despite renewed confidence over the future of the single currency.

Retailers also had a poor day with industry experts pointing to early indicators that the sector was showing signs of a slowdown as inflation continued to effectively take money out of the pockets of Brits and interest rate increases loomed on the horizon. Home Retail took a pounding in the day's trading as it provided a bleak 2011 trading prediction, losing 1.4 per cent with fellow retailer Marks and Spencer also sliding by 1.2 per cent.

Investors await Monday's opening with trepidation, with fears that global events could dent an already stuttering economy.

 

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