FTSE 100 ends in red
FTSE 100 down by 1.46 per cent
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By Matt Fortune. |  |
Monday, 17, Aug 2009 05:18
The FTSE 100 echoed stock markets around the world to close 1.46 per cent lower to 4,645.01.
Mining companies led the decline, with Anglo American down by 5.55 per cent, Xstrata down by 5.48 per cent and Rio Tinto down by 4.69 per cent.
After a month-long rally, triggered by better-than-expected first-half results for a number of blue-chip companies, optimism for an imminent economic recovery appears to have dimmed.
Few stocks were climbing on the index, with defensives including pharmaceutical stocks some of the only sectors to stay out of the red.
Shire was up by 2.21 per cent, while Legal & General was up by 1.97 per cent and GlaxoSmithKline was up by 0.82 per cent.
Over in the US, stock markets tumbled over concerns the recent rally may have left many stocks oversold.
The Dow Jones fell by 1.73 per cent going into afternoon trading, while the S&P 500 was off by 2.12 per cent.