As Vodafone fell below the psychologically important £1 level for the first time in 4 years, the FTS...
As Vodafone fell below the psychologically important £1 level for the first time in 4 years, the FTSE 100 nonetheless managed to close the day up 29 points at 5,197.60.
Analysts said Vodafone's new share price of 98p risked triggering computerised stop-loss selling that would see shares plummet further next week.
Investment houses are re-writing their share price targets this afternoon, but one has already predicted a price in the mid-70s.
Countering this has been the stellar performance of oil and bank stocks today.
BP burned away at the lights this morning, and hasn't let up since, putting on 16.5p to 594p by the close.
Shell also gained, up 16.5p to 514.5p.
Royal Bank of Scotland put on 52p to £20.60, while HSBC gained 13p to 837p.
Overall, gainers outnumbered losers by 69 to 29, with 4 non-movers.
In the US, the Dow Jones Industrial Average has dropped below the 10,000 level, reversing the past three days' gains.
It is currently down 115 points at 9,977.
The tech heavy Nasdaq Composite index is down 31 points at 1,613 points.
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