FTSE 100 slumps to yearly low
Tuesday 17th February 2009, 5:09PM GMT.
The FTSE 100 slumped 2.43 per cent to close at 4,034.13, a new low for 2009 as pessimism over the economy grows.
Most stocks on the index fell over the session, with financial and mining stocks leading the decline.
Property group Hammerson fell the furthest, trading 9.62 per cent lower, with Eurasian Natural Resources following closely with a 9.24 per cent drop.
A handful of stocks rose, with Randgold Resources up 7.53 per cent and Legal & General trading 2.71 per cent higher, following a statement this morning reassuring investors on the insurer’s capital strength.
Anthony Grech, market strategist, IG Index, said: “Shares in London have been on the back foot for most of today and a negative start to US trading has not helped matters.
“There does not appear to be one particular event that has kept the sell-off constant today, it just seems to be a continuation of the pessimism that has dogged the market for the last week.”
In early US trading the broader index, the S&P 500, also fell to fresh lows for the year to date as investors fear the latest fiscal stimulation package will not be enough to rescue the economy.
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