FTSE 100 closes lower
Tuesday 25th November 2008, 4:49PM GMT.
The FTSE 100 closed slightly lower, ending last night’s rally after a day of mixed economic news.
The UK’s benchmark index closed 2.65 points higher at 4,150.31, with Standard Chartered (up 16.83 per cent) and Barclays (up 9.97 per cent) leading the way.
An announcement from the US government that the financial industry would receive another $800 billion in support to survive the downturn boosted markets.
But the economic downturn claimed another victim, with BHP Billiton backing out of its takeover bid for rival mining firm Rio Tinto.
Although the announcement boosted BHP Billiton shares by 7.35 per cent, Rio Tinto shares fell sharply by 37.31 per cent.
David Jones, chief market strategist for IG Index, said: “Despite Tuesday’s record-breaking gains in London, it is starting to look as though traders are banking profits from this and buckling up for the next move lower.
“The UK index is still trading almost 20 per cent lower than where it was at the beginning of October and there are plenty of hurdles on the upside still to be cleared before we can even start to think the bear market is running out of steam.”
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