New York markets have started down today following a big drop in the FTSE on fears the war in Iraq c...
New York markets have started down today following a big drop in the FTSE on fears the war in Iraq could take longer than forecast because of increasing incidences of guerrilla warfare against UK and US troops.
The FTSE 100 index lost 117.80 points to 3,743.30 by the close, marking the first day of losses in 8 trading days.
Old Mutual led the way down with a 7.75p loss to 79.25p after the company reported chief executive Jim Sutcliffe's earnings jumped 21% last year even as the company made record losses and did not increase its dividend.
Prudential led the life sector down, losing 25.5p to 338.5p, closely followed by Legal&General, which dropped 5.75p to 77p.
Unilever forecast a 5% increase in profits in its first quarter, but its shares still lost 36p to 563p.
Smiths Group managed an 8p rise to 663p, and Cable & Wireless gained 0.5p to 60p, the only two companies in the index to make gains today.
The FTSE 250 dropped 60.8 points to 4,034.8.
Waste Recycling, subject to a takeover bid, dropped 21p to 189p.
Securicor maintained its position as top gainer, adding 4.25p to 82.5p after agreeing to sell out its stake in Securicor Omega to Deutsche Post.
US markets have started the day out badly following a weekend of pictures of soldiers killed or captured in Iraq.
The Dow Jones Industrial Average index is down 274 points to 8,247, the S&P 500 is down 27 points to 867, and Nasdaq's Composite is down 44 points to 1,377.
Three funds to watch