FTSE 100 closes lower
Monday 15th December 2008, 5:03PM GMT.
After hovering above last week’s closing price for most of the day, the FTSE 100 dipped to end the day in negative territory at 4,274.72.
A rise in oil and metal prices helped boost the index but this was tempered by the uncertainty over the US auto bailout deal, which now appears to be in limbo.
HBOS led the risers, bouncing back from last week’s falls to 72p per share, while mining stocks followed close behind.
Eurasian Natural Resources was up 6.33 per cent, BHP Billiton rose 4.9 per cent and Antofagasta was trading 4.84 per cent higher.
UK private equity group 3i was the biggest loser on the index, falling 10.63 per cent after a report it is selling part of its portfolio.
Several banking stocks were also in the red, including Royal Bank of Scotland, which was down 4.81 per cent after admitting exposure to Bernard Madoff’s failed investment scheme.
Ryan Kneale, market analyst at BetsForTraders.com, said: “Commodity stocks are up this morning as oil and metal prices have firmed but there is still a great deal of uncertainty, especially regarding the US automakers – until this is resolved we expect all gains will be limited.”
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