UK equities slide after eurozone's growth forecast cut

Source: Dukascopy Bank SA
© Scanpix/AFP
UK stocks opened on the positive note as the US President Barack Obama was re-elected. However, equities tumbled after the European Commission revised down its growth forecast for the eurozone. The European Commission cut its growth forecast for 2013 from 1% to 0.1%. The FTSE 100 Index shed 0.34% to trade at 5,864.96. Only two in ten sectors within the index edged higher. Consumer goods and telecommunications were the only gainers, climbing 0.25% and 0.21%. Associated British Foods and WM Morrison Supermarkets rose 0.95% and 0.45% whereas Vodafone Group advanced 0.41%. On the downside, basic materials and financials plunged 0.74% and 0.56%. Anglo American and Croda International lost 1.50% and 0.99%. Among lenders, Barclays and HSBC slumped 0.48% and 0.92% on rising uncertainty over Greece.


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