The slight wobble felt by investors in recent weeks turned into a fully fledged rout this week as th...
The slight wobble felt by investors in recent weeks turned into a fully fledged rout this week as the FTSE 100 index dropped by more nearly 300 points over five trading days to close at 4,630 today.
Clearly, the advent of the World Cup hasn't helped, as trading volumes all but disappeared during some of the more crucial games this week.
But most of the blame can be laid at the feet of managers of companies that, quite simply are not living up to previous expectations.
Abbey National suffered through much of the week on its profits warnings - shares down 48p to 810p today - but now steel maker Corus has also been hit by rumours of a pending profits alert and it has slipped 12.25p or nearly 14% to 77p.
Friends Provident has slipped 12p to 146p after the FSA today made further statements on the issue of solvency in the insurance industry.
And Sainsbury fell 25.25p to 343.75p after a 'sell' note was put out by equities analysts at WestLB.
British Airways lost 12.5p to 192p on fears over falling ticket prices.
There were only three stocks that made gains today: Legal & General managed to add some 1.25p to 131.25p, Astrazenica added 20p to £27.60, and Gallaher added 2p to 648p.
Things were not much better in the mid-cap FTSE 250 index, which lost 168.1 points to 5,689.8 today.
Aberdeen Asset Management shed 27.5p to 220p on fears over earnings growth in its sector coupled with the increased costs seen arising from its decision to provide compensation to investors who bought into its split capital investment trust products.
Stagecoach managed better as news that several of the UK's biggest train operating contracts may be extended helped push shares in the operator of the Great Western line up by 1.5p to 66.25p.
'Truly making a difference'
Avoidance, evasion and non-compliance
From 6 April 2019
Marcus Brookes appointed CIO