FTSE 100 volatile on flu fears
Tuesday 28th April 2009, 5:24PM BST.
After a strong start, the FTSE 100 has slipped 1.69 per cent to close at 4,096.40, as the market struggled to price in the financial risk posed by a flu pandemic.
The mining sector fell significantly, with Rio Tinto down 6.25 per cent, followed by a 6.08 per cent fall for Xstrata.
British Airways, which has seen its shares tumble since the swine flu scare, fell a further 5.36 per cent. TUI Travel was also trading 3.62 per cent lower.
A handful of defensive stocks rose on the index, including Imperial Tobacco Group, which was up by 1.84 per cent, and Associated British Foods, up 0.63 per cent.
Over in the US, stock markets rallied in early trading after hopeful economic data, with the Dow Jones up 0.2 per cent and the S&P 500 up 0.1 per cent.
One survey showed the rapid decline in house prices have started to slow, while another showed an upturn in consumer optimism.
However, stock markets around the world are likely to remain volatile as they react to news the swine flu has spread.
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