FTSE 100 falls on financial stocks
Thursday 28th May 2009, 5:20PM BST.
The FTSE 100 dropped 0.65 per cent to 4,387.54 as property and financial firms weighed on the index.
Hedge Fund Man Group fell by 6.9 per cent, while British Land Co fell by 5.63 per cent and Royal Bank of Scotland was trading 4.59 per cent lower.
David Jones, chief market strategist for IG Index, said: “A sharp afternoon rally saw some of the early losses recouped, but the tone of the day was nevertheless not as positive as it has been of late.”
Pessimism on the US markets has not helped the FTSE 100, and by the Dow Jones was up just 0.6 per cent after opening.
The markets have recently shown a resilience not seen a few months ago, leading to speculation on whether this is the start of a new bull market or a false dawn.
“Nonetheless, the next week or two could prove decisive in determining the longer term direction for markets, and at the moment traders seem divided as to whether this is likely to be a slide back a few hundred points or a further leap towards pre-crisis levels,” Mr Jones added.
Although most stocks ended the day in the red, several energy and mining stocks rose on the index.
Cairn Energy rose by 3.5 per cent, while silver miner Fresnillo was up by 3.39 per cent.
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