War fears drop FTSE below 3,500

Professional Adviser
clock

A sharp 63.80 points drop taking the FTSE to 3,491.60 resulted today following last night's speech b...

A sharp 63.80 points drop taking the FTSE to 3,491.60 resulted today following last night's speech by US president Bush, which many saw as bringing war closer to hand. That uncertainty, coupled with reports that several UK banks are about to see their credit ratings cut made it a tough day for the market. Royal & Sun Alliance was top loser, shedding 5p to 62p. WPP Group saw its shares tumble 16.25p to 351.75p after one of its chief competitors reported a slump in sales, and Moody's Investor Service put the company on notice it is reviewing its credit rating. Rum...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •