THE London market ended the week in the doldrums as economic woes continued to haunt the eurozone. A shock report showing growth of just 0.1 per cent in the 16-nation group during the last three months of 2009 put the brakes on the top flight's four-day winning run.
pandora style beadsThe FTSE 100 Index ended the day down 19 points at 5142.4, while New York's Dow Jones Industrial Average dropped 1 per cent. Wall Street's decline came despite a report showing US retail sales grew more than expected in January.
Stocks fell after China said for the second time in a month it would force banks to increase their reserve levels, effectively tightening monetary policy, while the mood soured further after a disappointing report on US consumer sentiment. The euro continued to be under pressure as fears over the eurozone economies persisted.
The pound rose to 1.14 but fell against the US currency, with Pounds 1 worth around $1.56.
Miners were off the menu following the China decision, as investors fear any slowdown in growth would hurt demand Pandora Beads Wholesale for raw materials. This left Vedanta Resources 61p lower at 2363p, Xstrata down 25.5p at 1005p and Anglo American off 37.5p to 2310p.
The flight from risk also put banks under pressure as Lloyds Banking Group fell 1.56p to 46.59p, Barclays dropped 6.35p to 262p and Standard Chartered eased 22p to 1413.5p. Barclays is due to post annual results on Tuesday. Royal Dutch Shell also fell 22p to 1663.5p after oil prices dipped below $74 a barrel as the US dollar strengthened. BP bucked the trend with a modest fall of 0.9p to 573.7p.
There was a further blow to confidence after fashion chain New Look abandoned plans for a stock market listing that would have raised Pounds 650 million. In the retail sector, Next fell 3p to 1917p and Marks & Spencer dropped 4.1p to 327.9p.
Investors sought refuge in safer sectors, with National Grid up 16p to 640p, household products group Reckitt Benckiser lifted 43p to 3313p and Severn Trent added 9p to 1132p.
postcard printingTwo companies under pressure after results presentations were back on the front foot after heavy losses on Thursday.
Telecoms group BT returned to positive territory - up 2.6p to 122.5p - after dropping 9 per cent due to the Pension Regulator's "substantial concerns" about how the company plans to tackle its Pounds 9 billion pension deficit.
As well as BT, Diageo got a shot-in-the-arm after results on Thursday showed a fall in half-year profits. Shares recovered 12p to 1030p, as Royal Bank of Scotland maintained a buy rating on the stock and said the Guinness-to-Smirnoff firm should benefit when consumer confidence starts to return.
British Airways - another firm with a large pension fund shortfall - fell 8.4p to 195.5p.
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