FTSE sentiment dampened by poor earnings data

Mon, 22nd Apr 2013

The leading share index in the UK had another disappointing day of trading after the figures coming from the US proved to be more of a damp squib than a firework. By the close of the session, the FTSE 100 was down by 0.96 per cent, reaching 6244.

With earnings season in full flow in the US, all eyes were across the Atlantic but many of the market heavyweights failed to impress with their results. Bank of America became the first large bank to miss its target whilst Yahoo, Intel and Abbott Laboratories all had less than inspiring figures.

Slightly closer to home, whispers that Germany was about to receive a credit downgrade circulated round the market whilst fears over a slowdown in the eurozone were rife after the IMF slashed its growth rate predictions for the region. The head of the Bundesbank, Jens Weidmann, weighed into the debate by claiming that a full recovery from the economic meltdown could take as long as 10 years.

Domestically, unemployment sneaked up from 7.8 to 7.9 per cent.

But it wasn't all doom and gloom in the markets, with Hargreaves Lansdown moving higher, up by 5.44 per cent after the investment company announced that it now has record levels of accounts, with the money under management reaching £35.1 billion.

At the opposite end of the table, there were a number of large stocks going ex-divident, namely Petrofac, BAE Systems, Resolution, BG Systems and Fresnillo. This means that new investors will not receive a share of any dividend./p>

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