FTSE in end of week slump as US concerns dominate

Fri, 28th Jun 2013

The leading share index in the UK was lower again on Friday, marking the fifth successive week of losses, primarily triggered by concerns over Federal Reserve policy in the US. By the close of the final session of the week, the FTSE 100 was down by 43.3 points, reaching 6116.

After tumbling by the biggest single amount seen in more than 18 months on Thursday, the FTSE added to its losses on Friday as the fallout from the Federal Reserve continued. Also contributing to the chaos was fiscal policy in China where the central bank injected liquidity overnight, sending the repurchase rate to 7.90 per cent, a change of 3.84 per cent.

Closer to home, problems in Greece continue after the Democratic Left - the smallest party in the coalition government - pulled out of office after disagreements over the decision to shut down the state broadcasting station, ERT.

On the leaderboard, distribution firm Bunzl was sitting on the top of the pile on Friday, higher by 2.11 per cent after JP Morgan Cazenove reiterated its 'buy' rating for the company.

Copper mining specialist Antofagasta was also in the blue, higher by 1.70 per cent as they tracked the price of copper. The metal rose by 1 per cent after its collapse on Thursday following the Fed Reserve announcement.

However not all metals had such a strong bounce-back; silver continued in the doldrums as concerns about a slowdown in the Chinese economy held the price down. Silver miner specialist fell by 5.15 per cent as a result.

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