The surprise decision by the Bank of England to lower interest rates today helped push share prices ...
The surprise decision by the Bank of England to lower interest rates today helped push share prices lower as investors wondered whether this was a signal of poorer than expected economic growth.
The FTSE 100 index closed down 81.70 points at 3,597.
ICI suffered a profits warning and saw its shares fall 14p to 190p because of problems with its fragrances unit that supplies perfumes after the failed installation of new software – it is the lowest share price in a decade.
Shell dropped 18.5p to 360p after forecasting a drop in oil prices and rising pension fund costs later this year if stock markets remain depressed.
That impacted on BP, which fell too by 15p to 382.5p.
Northern Rock managed a 10p rise to 640p after successfully selling a new tranche of bonds.
Scottish & Southern gained 2.5p to 610.5p after National Grid Tansco said a new system for calculating wholesale electricity prices in the UK should help to remove oversupply in the country, which last year led to the near bankruptcy of British Energy.
The FTSE 250 index dropped 14.2 points to 4,057.4.
Medical equipment maker SSL dropped 17.5p to 192.5p and LogicaCMG lost 9p to 109p.
Misys announced a share buy-back move, but it failed to stem losses, and its shares ended down 9.75p at 181p.
Lastminute dropped 4.75p to 92p after announcing a quarterly loss as costs rose.
Egg managed a 11p recovery to 113p on expectations of a jump in online loans after the Bank of England cut rates.
Shares have dropped in New York this afternoon on fears of war and poor corporate earnings.
The Dow Jones Industrial Average is down 36 points to 7,948, while the broader S&P 500 is down for a third straight session, shedding 4 points to 839.
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