UK stocks decline as eurozone re-entered recession

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Source: Dukascopy Bank SA
© Scanpix/AFP
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

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