Headline shares finished the day lower, as Wall Street again saw losses, and investors were wary of a hung parliament here in the UK. Sterling also plummeted as panic reared its head to close the week. At close, the FTSE 100 was down 137.97 points at 5123.02. After yesterdays astonishing sessions falls, Wall Street continued the downward trend, after an initial indecisive start to trading, to fall over 250 points in early deals. Markets in the US were still coming to terms with yesterdays losses and falling prices in European markets. Better than expected job figures were unable to sustain the market. The Securities and Exchange Commission is said to be investigating yesterdays unusual trading activity. It seems that we are no nearer knowing the actual cause or causes at this stage. Average hourly earnings for US employees in the private non-farm sector increased by 1 cent to $22.47 in April, the US Bureau of Labor Statistics said today (7 May). Over the past 12 months, average hourly earnings have increased by 1.6%.
LONDON MARKETS
It seems that uncertainty is not the investors friend, especially when coupled with a spooked Wall Street and a tumbling pound, as markets came to terms with a hung parliament in the UK. Despite rallying off lows to almost break even at lunch, shares again nose dived into negative territory to round the week off.
Those shares seeing losses included Royal Bank Of Scotland Group Plc (LON:RBS) , down 9.08% at 43.85p, Lloyds Banking Group (LON:LLOY) , down 8.93% at 51.58p, Wolseley (LON:WOS), down 8.85% at 1400p and Barclays (LON:BARC) down 8.30% at 276.65.
At close the only company posting a gain, and it was a modest one at that in the whole FTSE 100 was Randgold Resources (LON:RRS), up a slender 0.63% at 5615p.
Virgin Media (LON:VMED) posts strong first quarter results on the back of cable revenue growth. The firm reports a second successive quarter of double-digit OCF growth - up 14.1% to £356m - on revenue and gross margin growth. Total revenue rose 2.9% to £963m led by 6.0% growth in consumer cable revenue and operating income increased to £76m from £13m.
Rockhopper Exploration (LON:RKH) has revealed further encouraging results from the 14/10-2 well on the Sea Lion prospect in the…
