UK stocks tumble on Spain's turmoil

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Source: Dukascopy Bank SA
UK shares are trading lower on Monday amid political turmoil in Spain. Investors turned to safe-have assets after Spain's PM Mariano Rajoy and senior officials of Popular Party were alleged of corruption and faced calls to resign. Weak national construction PMI data as well as disappointing quarterly results of the largest UK companies also created heavy pressure on the UK stock index. The FTSE 250 Index tanked 1.27% to trade at 6,266.52. All but one industry slumped. The only gainer was technology industry, with Sage Group climbing 0.43%. At the same time, basic materials and oil and gas firms posted sharp losses. Antofagasta, Kazakhmys and Eurasian Natural Resources plunged 4.31%, 3.58% and 3.22%, respectively. Anglo American also was on the downside, retreating 1.38% after Amplats reported a a GBP452 million operating loss for 2012 because of strikes in South Africa. Another notable loser was Meggitt that dipped 2.54% as UBS AG lowered its recommendation on the shares to neutral from buy. Vodafone plummeted 1.99% after Citigroup downgraded the shares to neutral from buy.
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