The FTSE 100 index closed down 16.20 points at 4,032.40 today - despite being up about 50 points at ...
The FTSE 100 index closed down 16.20 points at 4,032.40 today - despite being up about 50 points at one stage - following an afternoon sell-off of insurance and telecoms stocks.
Friends Provident's morning announcement of a massive bond sale the day after a credit downgrade put pressure on the entire sector - itself it lost 9.25p to 131p.
Prudential lost 25.5p to 482.5p and Legal & General shed 2.75p to 106.75p.
Vodafone was another big anchor, losing 3.5p to 117.5p after sentiment turned against telecoms following protests against France's bail-out of France Telecom.
MmO2 shed 1.5p to 51.5p.
Compass Group was the big winner of the day following positive comments from analysts, who say the world's biggest catering services provider is generating good cashflow, and shares gained 16.75p to 343p.
The mid-cap FTSE 250 index shed 10.6 points to close at 4,469.3.
Amec dropped off a cliff after issuing a profits warning, sending its shares down 35p to 147p.
News that Amey may pull out of the bids to run the part-privatised London Underground pushed its shares down 3p to 30.5p.
Aberdeen Asset Management continued its rebound, gaining another 6.5p to close at 84p as investors bet a sale of assets will boost the reserves of the company.
In New York the Dow Jones Industrial Average index is down about 100 points at 8,637 as just three companies, Eastman Kodak, Proctor & Gamble and Merck made gains on the opening.
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