FINANCIAL stocks were in the firing line yesterday as the London market closed near a one-month low, with every FTSE-100 constituent finishing flat or in the red.
UK banking shares fell in line with their European peers, as investors fretted about the holdings of eurozone nations’ sovereign debts and loan book exposure in the region.
A forecast from a Chinese central bank adviser that China’s economy could wane further in the third quarter also deepened investor concerns about global growth and hit resource stocks. The Footsie closed down 117.9 points at 5,533.87.
Michael Hewson, senior market analyst, CMC Markets, said: “A perfect storm of fears about an imminent Greek exit, and the solvency of Spanish and Italian regions has seen markets drop sharply.”
Insurer Aviva fell nearly 7 per cent or 19.5p to 275.2p, Barclays dropped 4 per cent or 6.7p to 152.6p, while Royal Bank of Scotland shed 6.8p – a fall of 3.3 per cent – to 197.9p.
Elsewhere, broadcaster ITV was one of the biggest fallers, losing 4.4 per cent to 72p ahead of figures later in the week.
Shares in property giant Hammerson fell after the owner of the Brent Cross and Bullring shopping centres reported a 1.6 per cent dip in net rental income to £141.6 million.
NEW YORK: Wall Street fell for a second straight session last night, as Spain appeared closer to needing a national bail-out and poor US corporate results weighed on the market.
The Dow Jones industrial average lost 101.11 points, or 0.79 per cent, to end the day at 12,721.46 while the broader Standard & Poor’s 500 Index fell 12.14 points, or 0.89 per cent, to finish at 1,350.52. The Nasdaq Composite Index dropped 35.15 points, or 1.20 per cent, to close at 2,890.15.
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Weather for Edinburgh
Wednesday 22 May 2013
Temperature: 3 C to 13 C
Wind Speed: 23 mph
Wind direction: West
Temperature: 5 C to 11 C
Wind Speed: 23 mph
Wind direction: North west