FTSE 100 drops 2.22%

10-07-2008

FTSE 100 drops 2.22%
The FTSE 100 fell 2.22 per cent today – as losses from the US gathered momentum over the day.

As the bipolar week for the markets – rising, falling, rising and falling – the index closed down 122.80 points to 5,406.80.

Experian managed to shake the despondency in the markets - rising 7.82 per cent – after the firm reported solid results.

FirstGroup was up 3.6 per cent, while miners Eurasian and Vedanta Resources rose 2.24 per cent and 2.87 per cent respectively.

Marks & Spencer rose 2.67 per cent – recovering after the shareholders revolt at yesterday's AGM.

Leading the falls in the FTSE 100 was Thomas Cook, which fell 9.62 per cent.

Cadbury was down 7.5 per cent, ICAP slipped 7.41 per cent and Intercontinental Hotels dropped 7.14 per cent. ITV fell 6.74 per cent.

Outside the top 100 shares, builders saw some return to fortune.

Barratt Developments was up 24.07 per cent, while Taylor Wimpey and Bellway rose 15.70 per cent and 6.21 per cent respectively.

David Jones, chief market strategist at IG Index, said: "It was always going to be a weak start to trading with significant falls on Wall Street on Wednesday taking their toll right from the open.

"The UK market managed to rally by lunch time but a weaker start again to the US pulled the rug out from underneath that."

He added: "Stock markets are very much Groundhog Day at the moment and it is difficult to come up with a different take on what we are seeing one day to the next.

"Rallies, when they happen, have proved to be strong – but ultimately short-lived. The focus for the major UK and US stock indices remains the lows for the year and whether or not markets can hold."

He added it might be just a matter of time before new lows for the year are seen.

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