Headline shares extended losses midday, with financial and commodity issues the main casualties as growth concerns intensified and with Wall Street looking nervous ahead of more economic data. At high noon, the FTSE100 was down 87.82 points at 5,345.91 with the FTSE250 off 162.3 points at 10,123.7 and the FTSE Smallcaps 21.03 points lower at 2,885.86. In New York, US stock futures headed down ahead of the next raft of economic data, including business inventories for March, retail sales and industrial production for April and the UoM consumer sentiment reading for May. Dow Jones Industrial Average futures lost 80 points, S&P500 futures dropped 8 points at 1,148 and Nasdaq 100 futures slid 14.25 points to 1,932.

LONDON MARKETS

Weakness in global markets and concerns that austerity measures in Iberia may extend to other European nations and thus restrict growth, provided a negative backdrop for activity in London today. Financial issues were under heavy pressure in early trade, with UK banks facing a ban on the sale of credit insurance, and hedge funds expecting to be hit by new EU legislation.

Barclays (LON:BARC) was the biggest banking casualty, down 11.85p at 317.15p, with Royal Bank Of Scotland Group Plc (LON:RBS) 0.92p lower at 48.24p and Lloyds Banking Group (LON:LLOY) retreating 1.52p at 59.03p.

Fund managers were on offer, with Schroders (LON:SDR) down 11p at 1,427p and Man Group (LON:EMG) off 3.9p at 225.8p. Private equity firm 3i (LON:III) Group fell 9.7p at 279p.

The mining fraternity faced a sell-off as metals prices eased on growth concerns, with Xstrata Plc (LON:XTA) the biggest FTSE100 casualty of the morning, down 59.5p at 1,037p. Antofagasta (LON:ANTO) fell 29.5p at 927.5p and Anglo American (LON:AAL) slipped 90p at 2,661p. Gold and silver miner Fresnillo (LON:FRES) was the only sector success, up 10.5p at 904.5p as gold ticked up to $1,245 an ounce.

Oil producers felt the heat, with BP (LON:BP.) facing further pressure as its chief admitted his job is in danger in the light of their problems in the Gulf of Mexico. BP (LON:BP.) shares slipped 14.5p at 533.1p, while Shell fell 25p at 1,797.5p as crude eased to $73.16 a barrel.

Reports that Uk Commercial Property (LON:UKCM) may fall as investors jump ship sent the sector lower, with British Land losing…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here