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FTSE drops as US figures reverse gains

Wed, 24th Apr 2013

The top share index in the UK ended the day in the red as poor results from the US wiped out gains made earlier in the session. By the close of trade, the FTSE 100 was lower by 0.10 per cent reaching 6280.

Sentiment in the market was upbeat in early trading despite Friday's news that Fitch had downgraded the credit rating for the UK, with investors largely unconcerned by the turn of events. Also helping to boost the mood was the news that the G20 had given its blessing to Japan's recent decision to implement monetary easing measures. There had been some speculation that the country could receive a rap over the knuckles for its recent devaluation of the yen.

In Europe, Italy saw the President take charge for a further term with further elections to establish a more permanent political base on the horizon.

However, the good vibes soon came to an abrupt halt as news from the US depressed trading, sending stocks lower. Figures from the US housing market were far below expectations, with a 0.6 per cent drop compared to the predicted 0.4 per cent gain.

On the earnings front, well-known clothing and equipment manufacturer also put downward pressure on the index coming in below its target and revising its year long figures lower.

On the leaderboard Randgold Resources was the top performing stock, higher by 4.42 per cent as it recovered from last week's losses, tracking the price of gold higher.

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