sábado, 24 de septiembre de 2011

Ups and downs for stock markets - The Press Association

The London market has closed its second-worst week of the year with a rollercoaster session plagued by further global recession fears.

The FTSE 100 Index, which suffered its second worst weekly fall of the year, losing 5.6% or £78 billion of its value - closed 25.2 points higher at 5066.6.

The market bounced in and out of the red throughout the session, dropping past the 5,000 mark at one stage, as world leaders reassured actions were being taken to stem the crisis.

The leading shares index lost 4.7% or 246 points on Thursday after poor manufacturing data from China and the eurozone and alarm over the US Federal Reserve's gloomy assessment of the economy spooked investors.

The pound was up against the US dollar at 1.54 after improved gross mortgage lending data and was also up at 1.14 against the euro, which continued to come under pressure from the ongoing crisis.

The heavily-weighted mining sector dragged on the market after commodity prices slumped amid increasing fears that a global recession will wreck demand. Major players in the sector were down 13% on Thursday and suffered more heavy falls as Kazakhmys dropped 3% or 32.5p to 814p, Xstrata fell 3% or 23.5p to 826p and Fresnillo eased 73p to 1636p.

A pledge from G20 leaders to take all the steps necessary to calm markets failed to inspire significant gains on the market, although banking stocks rebounded.

Barclays was up 7.2p at 146p, Lloyds Banking Group added 1.6p at 34.1p and Royal Bank of Scotland was ahead 0.8p at 22.8p, as rumours circulated that the EU bailout fund might be increased.

The biggest Footsie risers were Barclays up 7.2p at 146p, Lloyds Banking Group ahead 1.6p at 34.1p, Man Group up 10.4p at 231.4p and Royal Bank of Scotland ahead 0.8p at 22.8p.

The biggest Footsie fallers were Weir Group down 103p at 1546p, Randgold Resources off 315p at 6350p, Fresnillo down 73p at 1636p and Kazakhmys off 32.5p at 814p.

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