UK stocks slumped and confidence faltered again today on the UK stockmarkets, as insurance stocks Av...
UK stocks slumped and confidence faltered again today on the UK stockmarkets, as insurance stocks Aviva and Prudential led the declines.
Stocks left the FTSE 100 Index down 3% to 4546.8, as the biggest named stocks - Vodafone, GlaxoSmithKline and BP - accounted for 31% of the slide.
Prudential dropped 46p or 7.7% to 555p, after an analyst at Morgan Stanley downgraded the no.2 insurer. Aviva, which today changed its name from CGNU, also shed 34.5p or 6.6% to 486.5p.
And Pace Micro Technology slumped after declaring full-year pretax profit had fallen because British Sky Broadcasting Group revised terms of a contract. It price dropped 33.75p or 47% to 38.5p.
Brown & Jackson jumped 11.5p or 33% to 46p its biggest one-day percentage climb in 7 years as the owner of four UK discount chains will see former Matalan chief executive officer Angus Monro will join its board and own 10% of its shares.
Lastminute.com advanced 5.5p or 5.7% to 102p and a 20-month high as the online ticket and goods seller has agreed with the Trainline.com, which sells train tickets over the Web, to promote each other.
US stocks are suffering yet another bad day as the Standard & Poor's 500 Index slumps to its lowest level since the aftermath of the Sept. 11 attacks.
Cardinal Health upset the applecart as it had to declare Arthur Andersen LLP wouldn't approve the pharmaceutical firm's past financial statements.
Investors are also still extremely concerned the US will be hit by another terrorist on Thursday 4th July.
The S&P 500 fell 19.92 points or 2.1%, to 948.71 while the Dow Jones Industrial Average declined 126.22 points or 1.4% to 8980.33 and the Nasdaq Composite Index, which hit a five-year low yesterday, has lost 43.10 points or 3.1% to 1360.98.
Tyco International made matters worse and lost 89 cents to $12.85 after raising $4.6 billion yesterday in the sale of its CIT finance unit, when the company had expected to get at least $5 billion for the lender.
Cardinal Health tumbled $6.29, or 11 percent, to $51.01, accompanied by Pfizer which lost 63 cents to $$33.27, Merck & Co. declined $1.45 to $47.30 and Bristol-Myers Squibb fell $1.19 to $24.60.
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