UK stocks decline as eurozone re-entered recession

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Source: Dukascopy Bank SA
UK stocks slumped on Friday, prolonging a decline as the eurozone's economy re-entered recession. The market sentiment was also dampened by igniting concerns over the US fiscal cliff. Weak US data released late on Thursday also weighted down on the UK blue chips. The FTSE 100 Index plunged 0.7% to trade at 5,638.22. Only two in ten sectors within the index rose. The only gainers were technology and telecommunication sectors. Sage Group added 0.33%, while Vodafone Group climbed 0.22%. At the same time, basic materials and oil and gas firms both declined 1.08%. Shares of Rio Tinto, Eurasian Natural Resources and Vedanta Resources tanked 2.27%, 2.13% and 1.79%, respectively.  Meanwhile, BP Group dropped 1.19% after it agreed to pay about USD4.5 billion to settle charges related to Deepwater Horizon spill. Melrose was the top-loser, sliding 13.52%. The company stated that outlook for the next year has become more uncertain.

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Fri, 16 Nov 2012 13:13:14 GMT

Rand Appreciated after Failing to Break through Resistance Level

The Rand appreciated for the first time this week as its biggest weekly decline in November didn't manage to break through the resistance level of 9 rand per dollar. South Africa's currency gained 0.3% against the Dollar on Friday and traded at 8.9043 per dollar in Johannesburg. The currency declined 2.2% this week, the biggest loss in six weeks.

Fri, 16 Nov 2012 18:23:44 GMT

Spanish bonds advance on bailout speculation

On Friday, Spanish bonds were traded higher as bailout speculation prevented the yields from an increase, despite weakening economy dragged into the fifth quarter of recession. The yield on benchmark ten-year government debt decreased by 4 basis points, reaching a level of 5.86% at 9:57 a.m. in London.

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