FTSE 100 falls as optimism fades
Tuesday 24th March 2009, 5:07PM GMT.
The FTSE 100 dipped 1.05 per cent to close at 3,911.46 after optimism surrounding the US plan to handle its toxic debt faded slightly.
A surprise jump in inflation figures this morning also spooked investors, who were expecting confirmation the UK was experiencing deflation.
Mining stocks fell on the back of weak commodity prices, while shares in the financial sector tumbled despite an early rally.
Antofagasta led the decline, falling by 7.66 per cent, while HSBC dropped 7.12 per cent and Anglo American slumped 6.37 per cent.
Anthony Grech, market strategist for IG Index, said: “After the spectacular gains seen in the markets on Monday, there was always going to be room for a bit of weakness and an early run up to the 4,000 level by the FTSE did not last long.
“Weakness in commodity prices weighed on the big mining stocks early on and the big surprise came from UK inflation numbers – with CPI rising unexpectedly in February.”
However, a handful of stocks were supporting the UK’s benchmark index, with Friends Provident rising 6.03 per cent and Sage Group up 3.86 per cent.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
