Greg Secker – U.K. Market update brought to you by Traders University

FTSE 100 dropped 1.1% or 64.0 points to close at 5,990.6

by Greg Secker on Jul.11, 2011, under Greg's Blogs


UK Report 11th July 2011

UK Market Snapshot

UK markets closed lower on Friday, with the FTSE 100 index closing below the psychologically important level of 6,000, after the US economy added fewer jobs in June than market expectations, raising concerns over the pace of the economic recovery. Miners, Antofagasta, Kazakhmys and Rio Tinto, dropped between 2.0% and 4.5%, in line with a fall in base metal prices. Oil producers, Essar Energy, BG Group and Royal Dutch Shell – B, lost between 0.6% and 4.0%, as crude oil prices slipped. Banks, Lloyds Banking Group, Royal Bank of Scotland and HSBC, declined between 1.0% and 3.5%, as risk appetite decreased among investors. Among other stocks, British Sky Broadcasting dipped 7.6%, after the UK government indicated that it would not give quick approval to News Corp’s takeover bid. FTSE 100 dropped 1.1% or 64.0 points to 5,990.6. FTSE 250 fell 0.8% or 93.6 points to 12,074.3.

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