The FTSE 100 hit its lowest figure for three years today. In midday trading the index was 40.9 point...
The FTSE 100 hit its lowest figure for three years today. In midday trading the index was 40.9 points lower at 5279.3 - its lowest figure since 26 October 1998 when the market was at 5231.5. However then the market was in recovery from its 5 October low of 4648.7.
The downward trend started in the New Year but has escalated in the last month or so. On 8 June the market stood at 5950 and by the close of trade yesterday had lost 630 points.
In that six-week period there have been significant losses for some of the market's biggest stocks, both old and new economy, including Abbey National, GlaxoSmithKline, ICI, Marconi, Baltimore and Colt.
Abbey National is down to 1237p from its six-month high of 7 June when the bank stock stood at 1305p.
Pharmaceutical giant Glaxo has lost 41p since 8 June closing at 1939p yesterday.
ICI, which today stands at a six-month low of 384p, yesterday closed at 410p having stood at 457p in June.
Another stock at a six-month low is telecom group Marconi, which stands at 89.25p. It yesterday closed at 91p and is nearly a quarter off its value of 339p at 8 June.
Baltimore closed at less than half its 8 June figure of 57p as did Colt Telecom at 337p having been worth 700p in June.
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