FTSE rebounds, then falls back

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Wednesday , July 02, 2008

The FTSE 100 Index continued its fall today (2 July) from the previous day’s trading as housebuilders and retailers announced worsening financial positions.

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Yesterday (1 July) the FTSE 100 fell 146 points – 2.6 per cent – to close at 5,479 points, representing its lowest fall since March this year.

The drop, which saw billions of pounds wiped off the index, brought it to a level which was nearly 1,000 points lower than at the start of 2008.

However, the FTSE index of Britain's 100 biggest companies recovered somewhat today, opening at 5,506 points and rising to 5,566 points by 1pm.

A court ruling in favour of pharmaceutical giant AstraZeneca helped the FTSE regain some of yesterday’s losses, as did the announcement that Barclays completed its acquisition of Russian retail and commercial peer Expobank.

However, dire trading statements by homebuilder Taylor Wimpey and retailer Marks & Spencer sent the shares in both companies tumbling, and by 4.30pm Britain's benchmark stock index had fallen back to 5,437 points.

For more on the latest funds data click here.

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