Investors were far from wowed by lowering profits and company expansions, forcing the FTSE 100 to lo...
Investors were far from wowed by lowering profits and company expansions, forcing the FTSE 100 to lose vital ground again.
Old Mutual, the South African insurer, created one of the largest falls today as it announced first-half profit dropped 16% and expansion outside the domestic market cost the firm $3 billion.
BP also fell after JP Morgan Chase & Co. said sluggish growth may damp demand for crude,. Pushing the FTSE 100 index down 100.80 points, or 2.3% by close of trading to 4221.60.
BAA dropped 19p, or 3.5%, to 522.5p, even though the biggest airport operator said the number of passengers travelling through its UK terminals rose 0.4% last month from a year earlier, helped by the start of Britain's summer holiday period.
But Ebookers, the internet travel agency, rose 10p or 4.2% to 247.5p as it has reduced first-half losses by integrating divisions after acquisitions and introducing cost-saving technology. Its net loss narrowed to £6.97m from 17.2 million pounds in the previous year. Revenue also rose 45% to £131.6m.
In the US, stocks have also fallen as the chance of a rate cut by the Federal Reserve tomorrow now looks slim. And matters were not helped by US Airways' decision to file for bankruptcy protection.
The Standard & Poor's 500 index fell 11.71 points or 1.3% to 896.93 after last week posting its biggest gain since September.
The Dow Jones lost 112.77 points, or 1.3%, to 8632.68 while the Nasdaq Composite index slid 14.78 points or 1.1% to 1291.34.
Worst hit are financial stocks, despite being the best performers last week, along with the airlines and large retail stocks such as Wal-Mart.
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