Sliding Wall Street sinks battered Footsie
Mon 01 Dec 2008
1630 (close): Footsie's losses firmly in the triple digits today after a miserable start on Wall Street added to London's woes.
Stocks around the globe were dealt a blow by manufacturing data, with contraction registered in the US, mainland Europe and here.
Mining stocks were the heaviest fallers in line with lower metals prices. Platinum specialist Lonmin led the slump as prices for the precious metal fell back on concerns over global demand, particularly from the auto sector. Platinum is used to make catalytic converters for cars.
Other fallers included the bank Standard Chartered and the gas supplier Centrica.
Software giant Sage was the only riser among the large caps.
In the FTSE 250, plastics group Victrex slumped after it experienced a downturn in orders since the middle of November.
FTSE closed down 222 points at 4,065.
15:10 Footsie has taken a sharp downward turn after shares slumped in the US. A report showed US manufacturing contracted at the fastest pace in 26 years, dealing a blow to industrial companies such as General Electric. Here, platinum miner Lomnin is down nearly 20% on falling prices for the precious metal. FTSE 100 down 163 at 4,124.
14:25 The platinum miner Lonmin is still the heaviest faller in a downbeat FTSE 100. Prices for the precious metal are lower. The mining sector was also hit by news that the diversified giant Xstrata is to close five ferrochrome furnaces in South Africa. Insurer Legal and General is the best performing stock now. FTSE 100 down 120 at 4,167.
12:55 Footsie remains about 100 points lower, with miners dominating the fallers after news that the diversified giant Xstrata is to close five ferrochrome furnaces in South Africa. The closures mean the firm's production of the commodity will now be running at less than half its full capacity. Defensively-orientated Imperial Tobacco dominates the risers. FTSE 100 down 107 at 4,180.
11:00 Footsie is posting triple-digit losses now, leaving only a few mostly defensively-oriented stocks in the blue. HBOS leads the risers though, after a group of Scots businessmen began a legal challenge to Lloyds TSB's takeover of the bank. Gauloises maker Imperial Tobacco and drug giant GlaxoSmithKline are also higher. Miners are keeping Footsie in the red, with platinum miner Lonmin the heaviest faller. Diversified mining giant Xstrata announced the closure of more ferrochrome furnaces, meaning it will now operate at less than half total capacity. FTSE 100 down 101 at 4,186.
10:10 Miners continue to hold Footsie back after diversified giant Xstrata announced the closure of more ferrochrome furnaces, meaning it will now operate at less than half total capacity. In the FTSE 250, plastics firm Victrex slumps after it experienced a downturn in orders since the middle of November. FTSE 100 down 73 at 4,214.
09:20 Falling mining stocks keep Footsie firmly in the red. Xstrata is down more than 5% after announcing it suspended another five ferrochrome furnaces in South Africa, taking the total suspended capacity to more than half of annual operating capacity. Defensive stocks such as Gauloises maker Imperial Tobacco and drug giant GlaxoSmithKline are among the risers. FTSE 100 down 64 at 4,223.
08:30 London has made a quiet start with little news elsewhere to offset a weak start from the miners. Kazakhmys, Xstrata and Lonmin are the worst performers. Stagecoach, Imperial Tobacco and Thomas Cook are the biggest risers but gains are small so far. FTSE 100 down 33 at 4,254.
