UK shares dipped on global economic weakness

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Source: Dukascopy Bank SA
© Scanpix/Reuters

UK stocks dropped on Wednesday as market participants claim that global economic weakness is not reflected by stock valuations that are close to their two-year highs. UK equities also remained under additional pressure after the IMF cut global growth forecast. Moreover, market sentiment was further dampened by uncertainty over when Spain will officially apply for a bailout. The FTSE 100 Index slumped 0.29% to trade at 5,793.68. Eight in ten sectors within the index declined. The worst performers were technology and industrials sectors. Sage Group shed 0.78% on profit cuts of its US counterparts. Among industrials, BAE Systems and Bunzl slumped 0.12% and 1.08% amid global growth fears. At the same time, financials were mixed. Lloyds Banking Group and Royal Bank of Scotland rose 3.45% and 2.25% while Standard Chartered lost 1.00%.

 

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Wed, 10 Oct 2012 15:03:05 GMT

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