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One of Brian’s Favorite Quotes

Never, never, never believe any war will be smooth and easy, or that anyone who embarks on the strange voyage can measure the tides and hurricanes he will encounter.  The statesman who yields to war fever must realize that once the signal is given, he is no longer the master of policy but the slave of unforeseeable and uncontrollable events.”
— Sir Winston Churchill (1874–1965)

FTSE 100 and oil price hit fresh lows

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o FTSE 100 and oil price hit fresh lows

v3 refresh data button FTSE 100 and oil price hit fresh lows

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o FTSE 100 and oil price hit fresh lows
London | Wall Street | Asia
o FTSE 100 and oil price hit fresh lows
Continue reading the main story

FTSE 100 Index

Last Updated at 09 Oct 2014, 11:36 ET

*Chart shows local time

 FTSE 100 and oil price hit fresh lows

(Close): London shares closed at their lowest level for a year as concerns about the eurozone economy resurfaced.

Weak German export data reignited fears the eurozone may go back into recession, while Chancellor George Osborne warned that the UK was not immune from events on the continent.

The FTSE 100 closed the day down 50.39 points, or 0.8%, at 6,431.85.

US shares also suffered as fears of a global slowdown spread, with the Dow Jones index down 260 points, or 1.5%.

The oil price also fell, with Brent crude down more than 1% at $90.32 a barrel, its lowest level for more than two years. US light crude fell by 2% to $85.82 a barrel.

In London, BQ owner Kingfisher led the way down, falling 5%, followed by housebuilder Persimmon, down 3.5%.

Firms associated with travel continued to suffer as worries over the potential impact of the Ebola virus continued. Shares in British Airways owner IAG fell a further 3%.

Shares in Vodafone fell 3.4% after Nomura cut its rating on the company to “reduce” from “neutral”, while in the FTSE 250 shares in N Brown sank more than 13% after the catalogue retailer issued a profit warning.

On the upside, mining firms enjoyed a strong day, boosted by a rise in the prices of metals.

Fresnillo and Randgold Resources were up more than 6%.

Royal Mail shares rose 1% after the firm said it had reached a settlement with French competition authorities.

In July, Royal Mail said it had been informed that one of its businesses in France might have broken competition laws. Royal Mail has now set aside £18m to cover the settlement.

The firm said the recent mild weather had hit demand for winter clothes. It now expects full-year profits of between £88m and £92m, compared with analysts’ estimates of £103m.

On the currency markets, the pound was down half a cent against the dollar at $1.6115, and was one-tenth of a cent higher against the euro at €1.2712.


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