The FTSE 100 index fell 54.50 points to 4,412.90 today as stock markets across Europe took in the news of regime change in Spain bringing in a more anti-US minority government.
About 90% of FTSE 100 stocks lost ground, failing to hold onto support after US markets opened sharply down this afternoon, undoing Friday’s gains.
British Airways dropped most, shedding 19.5p to 269p even as new figures showed European airlines continue to build passenger numbers on international routes. Rumours suggested Standard Life may have dumped a large tranche on the market, in line with its recently stated goal of reducing the equities exposure of its with profits fund.
Royal & Sun Alliance lost 4.25p to 88.75p to lead the insurance sector down.
Friends Provident shed 5.75p to 144.25p, Pru dropped 17.25p to 467.5p, and L&G lost 3.5p to 95.5p.
Investors moved towards defensive stocks.
Imps gained 35p to 1,215p.
BAT added 7.5p to 811p.
Gallaher gained 3p to 675p.
The FTSE 250 index fell 84.5p to 6,173.3.
Dimension Data led the index and South Africa-based stocks down by 2.25p to 35.75p after the rand strengthened against the dollar.
The Cayzer Investment Trust gained 15p to 1,055p after news of a deal involving the rebel Cayzer family shareholders, which will see the rebels be paid a £64m special dividend to give up their claim on the company.
Cairn Energy is up another 12p to 910p.
The Dow Jones Industrial Average index is down about 108 points to 10,132, while the broader S&P 500 index is down about 13 points to 1,107.IFAonline
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