The UK's benchmark index the FTSE 100 turned in its worst performance since the stock market crash o...
The UK's benchmark index the FTSE 100 turned in its worst performance since the stock market crash of October 1987 falling 225.9 points to 5314.8 while the Techmark declined 112.05 to 1864.6. Across the FTSE All-Share more than eight companies fell in value for each one that rose.
Shares declined right across the board with old economy stocks fairing just as woefully today as the performance of tech stocks of late. Industrial components group Invensys lost 14.5p, a loss of 11%, to 114.5p to take downward momentum to 11 days and wipe off £2bn from its market cap. The group plans to scrap 5,000 jobs by the end of the year as a result of slowing demand.
Laird slipped by more than a quarter, down 71.5p to 197.5p after saying its US division lost business to Asian rivals. The world's largest producer of gypsum fell 30p to 224p because of poor economic conditions in Germany and the US.
Biotech groups Celltech and Oxford Glycosciences lost 117p to 995p and 92.5p 882.5p respectively after Cambridge Antibody Technology fell by 14% just days after it issued court proceedings against German rival Morphosys. CAT lost 222.5p to 1,377.5.
Supermarkets Safeway and Sainsbury were among a minority which bucked the downward trend today gaining 8.5p to 320.5p and 8p to 377p respectively.
In the US the Dow Jones and the Standard & Poor's 500 continue to fall while the Nasdaq sticks close to its opening score for the day of 1830. In afternoon trading the Dow is 245.23 points down at 9241.77 while the S&P 500 is 25.47 lower at 1096.67.
Stocks down in value include household goods maker Procter & Gamble which lost $1.35 to 61.85, discount broker Charles Schwab 75 cents to $15.15. Tech stocks are turning in mixed showings to help keep the Nasdaq steady. Both Intel and Advanced Micro Devices have gained following news from Micron Technology after saying its microchip subsidiary was slightly profitable in its second quarter. Micron rose $3.99 to 46.
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