FTSE 100 ends six-day rally
Wednesday 7th January 2009, 5:25PM GMT.
The FTSE 100 has ended its six-day rally, ending 2.83 per cent lower as utilities and mining stocks weighed on the index.
Hedge fund Man Group led the decline, falling 9.41 per cent over the day, while Antofagasta was down by 8.30 per cent and Scottish and Southern Energy fell 8.23 per cent.
The fall marked the end of a six-day winning streak, in which the FTSE had made gains of ten per cent, as more gloomy economic news hit the headlines.
Chancellor Alistair Darling said earlier today the recession was far from over, while analysts are watching the high street with interest as retailers report falling sales.
However, several banks ended the day in the black, including HBOS, up 5.52 per cent, Lloyds TSB, up 4.12 per cent, and Barclays, up 3.98 per cent.
Anthony Grech, market research analyst at IG Index, said: “With 2008 seeing the FTSE fall over 31 per cent, investors will be keen to establish soon whether the recent New Year cheer has ended already and we will be seeing further falls as the week ends.”
In the US, the Dow Jones tumbled 1.91 per cent after opening on more job cuts.
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