The FTSE 100 index continued its losses again today, dropping another 50 points or 0.77% to 6430 by close of business, after Yell's business announcement received a poor reception from investors.
Having announced it is only likely to see organic growth in the US of just 3% compared with previous estimations of up to 10%, consumer information service Yell Group saw its share value fall over 20% to 488.5p on the back of increasing US competition. This pressure on the FTSE was also driven lower by Barclays’ potential takeover of Abn Amro as there are still questions hanging about whether it will go ahead and who is interested in bidding. Barclays closed down 2.8% to 712.5p while Bellway, the household goods firm, also ended the day almost 4.7% lower at 300p. One of the few firms...
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