FTSE 100 falls back on US dip

06-05-2009

FTSE 100 falls back on US dip
Some of yesterday's enthusiasm among investors on the FTSE 100 evaporated this morning, with the index falling slightly to 4,334.43.

A buoyant US market on Monday had previously helped boost shares but last night investors became nervous over the results of a bank 'stress test' that will show which US banks need more funding.

Yesterday, the Dow Jones was off 0.2 per cent, while the S&P 500 fell 0.4 per cent, and the losses were reflected on the FTSE this morning.

Energy stocks weighed on the UK's leading index on the back of lower oil prices, with Drax Group down 6.94 per cent and Royal Dutch Shell falling 2.28 per cent.

The mining sector also recorded a fall, with Antofagasta down 5.89 per cent and Rio Tinto down 1.13 per cent.

Financial services continued to support the FTSE, with Standard Chartered up 4.52 per cent, Legal and General up 2.67 per cent and Friends Provident up 2.36 per cent.

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