FTSE 100 closes relatively flat at end of trade Tuesday

FTSE 100 flat at end of trade on Tuesday, with Old Mutual leading gainers by end of trade

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Tuesday, 09, Mar 2010 05:41

Britain's leading shares index closed relatively flat on Tuesday, following strong gains made on Monday.

The FTSE 100 ended trade down 0.08 per cent to 4.42 point, as Old Mutual ended the day leading the gainers, adding 1.84 per cent.

GlaxoSmithKline also ended the day up, by 1.58 per cent, while the FTSE losers were topped by Liberty International, which shed 4.05 per cent by end of trade Tuesday.

Standard Chartered lost 2.84 per cent, and Imperial Tobacco Group shed 2.52 per cent.

Giles Watts, head of equities, City Index said: "European markets closed broadly flat to negative on Tuesday as investors moved to scale down positions that had been built up over the last four weeks of equity gains.

"The boards on the trading floor here at City Index state 'no significant economic data' and with no significant company news either, traders can often be devoid of reasons to build on positions, which is exactly what has happened today.

"The UK's Trade Balance came in much wider than expected this morning which triggered sterling weakness and also serve to lag equity prices too. The sentiment from Fitch Ratings regarding the deterioration of Britain's sovereign credit profile and the fact that they would have concerns should no timely fiscal policy moves be made to curb the deficit has re-raised underlying concerns over the implications of a hung parliament."