Nervous day of trading means fluctuating FTSE

The FTSE 100 fluctuated dramatically today following a rollercoaster week of ups and downs last week. The mixed influence came from turnarounds during the day for the banking sector and under-fire BP (LON:BP).

Rob Hull
shareprices.com - Monday, May 17, 2010

Printable version email to a friend Subscribe to shareprices.com newsfeed
Vodafone was one of the major climbers of the day

A change in government and euro zone fears meant dramatic falls and climbs for the FTSE 100 last week.

And in early trading it looked as though the latter would continue to batter the banking sector today.

The euro dropped to a four year low against the dollar today as investors showed concerns over the rate of recovery for Greece, Spain and Portugal after all three announced details of their austerity plans last week.

British banks, Barclays (LON:BARC), RBS (LON:RBS) and Lloyds Banking Group (LON:LLOY) were all named by JPMorgan as the three UK-based banks most likely to be hit.

And despite the three banks stabilising at midday as investors began to look at the more positive corporate outlook, all three ended the day back in negative territory.

The trio posted share price increases in the region of one and two per cent during the day, but in the same day’s trading also dropped by between two and four per cent.

Standard Chartered (LON:STAN) was the outstanding banking sector stock, rising as much as 5.49 per cent this afternoon.

The group’s Kenyan subsidiary announced a 39 per cent rise in pre-tax profits and has also been boosted by rumours of a possible share listing in China.

Vodafone (LON:VOD) stock also proved strong with gains of over one per cent after Vodacom, the group’s majority-owned South African business, reported increase earnings and upped its dividend which could be a sign of things to come with Vodafone releasing its report tomorrow.

Also trying to haul the FTSE up was BP which at one point in the day was the second biggest gainer on the FTSE 100.

But confidence in the group as it tries to contain the massive oil leak in the Gulf of Mexico fell – the stock closed 0.80p down as a result.

MAN Group (LON:EMG) was the big loser of the day, plummeting over eight per cent after it announced it was buying its US listed rival GLG Partners and slashing dividend.

The FTSE 100 closed 0.31 points down (-0.01 per cent) at 5,262.54.

 

Latest News

Related News

FTSE 100 Latest

ValueChange
5,266.41136.87  % fall