Market Report: The FTSE 100’s worst week since early March

 

The final bell rang out the FTSE 100’s worst week since early March, despite turning higher in its final session.

Reassuring words from Portugal’s troubled Banco Espirito Santo sparked a relief rally, with the Footsie climbing 17.80 points to 6,690.17. But it was still 188.35 points, or 2.74 per cent, lower than it had been a week earlier, when the blue-chip index looked as if it could reach record levels.

Jasper Lawler, an analyst at CMC Markets, said:  “The Footsie’s been banging on the door of 6,900 but it’s notable that it can’t get through it. Part of it is the way it’s made up – miners are constantly struggling because of weak performance out of China and the financials have been hit.”

The Greek bottling firm Coca-Cola Hellenic climbed 39p to 1,351p thanks to an upgrade from Goldman Sachs. The investment bank thinks falling sugar prices are a boon for the soft drinks industry, and the world’s second largest bottler of Coca-Cola is well placed to benefit.

Traders piled into gold miners on Thursday as the eurozone crisis threatened to rear its head again, but the calming of the markets yesterday meant a sell-off for the precious metal producers. Randgold Resources fell 115p to 5,120p, Fresnillo lost 17p to 928p, African Barrick Gold slipped 7.2p to 225.3p and Centamin was 2.3p lighter at 67p.

The chemical supplier Synthomer slipped 6.5p to 212p on the FTSE 250, as the maker of products from paint emulsion to mattress foam warned that the strong pound and a slowdown at its Asian business mean profits are likely to be flat this year.

Kofax fell 50.5p to 423p after the small-cap software provider released unaudited full-year results below expectations. The chief executive, Reynolds Bish, said he was “disappointed”, with the US company’s performance.

GCM Resources leapt 19.25p to 38.75p on AIM as rumours circulated that the Bangladeshi coal operator could be close to getting a mining permit at long last.

Alba Mineral Resources ended the day 0.35p better at 0.62p after snapping up a 5 per cent stake in Horse Hill Development, the operator of the UK Weald oil basin south of London.

Start your day with The Independent, sign up for daily news emails
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific