FTSE 100 down 0.88%
Traders in slow mood in run-up to Christmas
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Monday, 22, Dec 2008 05:11
The FTSE 100 closed down 0.88 per cent today after mid-afternoon optimism faded away.
The index closed at 4,249.16 a fall of 37.77 points.
Morning's trading in New York also saw falls, with the Dow Jones down 0.67 per cent to 8,521.92 at 11:53 EST (16:53 GMT).
In Frankfurt, the Dax was down 0.94 per cent, while the Cac 40 fell 1.95 per cent in Paris.
David Jones, chief market strategist at IG Index, said: “It has been something of a directionless day with the FTSE trading only a few points down at the moment.
“It is not too surprising that today has seen the FTSE 100 remain contained within Friday’s range as the focus of many switches to last minute shopping, rather than buying shares.”
He added the miners were under pressure on continuing worries of how further slowdown in 2009 would impact profits.
“Although the last couple of weeks have seen strong rallies for the likes of Rio Tinto in this sector, these recoveries still look like dead cat bounces, and at the moment further miner weakness into 2009 looks likely,” Mr Jones said.
In London the biggest gains went to Friends Provident – up 5.58 per cent – while fellow insurer Old Mutual rose 4.77 per cent.
Cairn Energy rose 4.33 per cent, Schroders gained 4.03 per cent and Centrica was up 3.89 per cent.
Leading the falls was Argos- owner Home Retail, down 13.01 per cent.
London Stock Exchange fell 8.62 per cent, Lloyds TSB was down 8.62 per cent and miner Xstrata dropped 7.51 per cent.