UK shares plunge after Moody's downgraded five Spain's regions

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Source: Dukascopy Bank SA
UK equities tumbled on Tuesday after Moody's lowered its credit rating on five regions in Spain. Weak quarterly results of the largest European companies also weighted down on UK shares. The FTSE 100 Index sank 1.27% to trade at 5,808.46. Only one sector within the index advanced. The only gainer was utility sector. Centrica moved higher by 0.28%. Only five in 100 companies included in the index inched up. Meanwhile, the top-losers were miners and financials. Kazakhmys, Rio Tinto and Eurasian Natural Resources plunged 4.56%, 3.05% and 2.98%, respectively. Royal Bank of Scotland Group and Lloyds Banking Group plummeted 2.17% and 1.75%. Oil and gas companies also moved lower amid falling crude oil prices. Tullow Oil and BG Group tumbled 2.47% and 2.05%.


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Tue, 23 Oct 2012 16:43:42 GMT

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