FTSE 100 ends in red
Wednesday 15th April 2009, 6:11PM BST.
The FTSE 100 slipped 20 points to 3,968.40 as an early rally in mining stocks reversed.
While news that Goldman Sachs had turned a profit in the first quarter buoyed investors on Tuesday, economic news has been gloomier since, with US retail sales down and Swiss bank UBS announcing further job losses.
Legal & General led the index into the red, declining by 8.44 per cent, followed by Vedanta Resources, which was 7.99 per cent down.
Rival mining firm Xstrata fell 6.68 per cent, while Antofagasta dropped 6.36 per cent.
However, defensive stocks lent support, including British American Tobacco, which was trading 4.62 per cent higher, and energy supplier Centrica, which rose 3.52 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: “The markets are struggling a bit today, with banking stocks falling heavily after Swiss bank UBS warned of another loss making quarter and more job cuts.
“Just when things look like they are getting better, we get another kick in the teeth, which is a sure sign that we are not out of the bear market quite yet.”
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