FTSE 100 falls 2%

03-04-2009

FTSE 100 falls 2%
The FTSE 100 managed to hold itself over the 4,000 level at the end of the week – but saw miners dig into G20 gains

The index finished a week of riots, protests, building society rescues and international agreements at 4,029.67 – a drop of 95.30 points or 2.31 per cent on the day.

Over the week, the FTSE 100 was up 2.66 per cent.

The miners had the biggest downward influence on the index today.

Randgold Resources fell 5.61 per cent, Eurasian was down 5.20 per cent, Xstrata dropped 5.11 per cent and BHP Billiton was down 4.76 per cent.

HSBC Holdings dropped 5.34 per cent.

As shareholders of Royal Bank of Scotland met in Edinburgh, the lender saw its share price rise 8.51 per cent – as the bank's new management put its new direction forward.

Thomas Cook rose 8.36 per cent and British Airways rose 6.04 per cent.

In New York, as US employment figures came out souring post-G20 optimism, the Dow Jones saw early drops.

Philip Gillett, sales trader at IG Index, said: "Over the last couple of days markets have experienced something of a 'G20 bounce', but today’s news that US unemployment is at a 25 year high – whilst not surprising – seems to have pulled traders focus away from the delights of London’s Docklands and back to the world stage, where things still remain pretty grim.

"After the strong gains seen this week, it is possible that today's announcement is as good as an excuse as any to take some money off the table ahead of the weekend.

"The fact that this week the FTSE 100 has managed to clear the 4,000 mark for the first time since mid-February shows that we have had some real strength for a change."

He went on to now predict an uneventful couple of weeks to come for stock markets as Easter approaches.


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