London’s leading shares index capped a miserable week by falling 1% today on the back of weaker-than-expected Chinese growth figures.
The country’s quarterly GDP came in at 8.1%, below forecasts of 8.4%, adding to evidence that the world’s second largest economy is being hit by difficulties faced by trading partners including the troubled eurozone.
The FTSE 100 Index closed 58.7 points down at 5,651.8, around 1.3% down over a week which included Tuesday’s £33billion sell-off.
Sentiment was weak in the financial sector, with Royal Bank of Scotland down 0.9p at 25.1p, Lloyds Banking Group off 1.1p at 30.8p and hedge fund Man Group 5.4p lower at 110p.
Royal Dutch Shell closed 6p lower at £21.68 after a volatile couple of days on the back of fears of an oil leak in the Gulf of Mexico.
Other resources-based stocks were higher despite the Chinese GDP figures, with Polymetal up 8p at 967.5p and Evraz ahead 8.1p at 365.5p.
Supermarket Morrisons was one of the leading retail stocks after it announced a management shakeup in its commercial division. The move helped lift shares 1.2p to 292.6p.
Other retailers fared less well – Marks & Spencer was 5.5p lower at 369.8p and Next slipped 28p to £29.52, while in the second tier Dixons Retail was off 0.5p at 17.4p.
The biggest Footsie risers included Shire, ahead 7p at £19.59, while the biggest Footsie fallers included Barclays off 8.6p at 214.9p.
Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that the day’s fallers included Amec, which lost 1.6% to £10.79, Premier Oil shed 2.4% to 384.05p and FirstGroup closed 2.4% lower at 200.95p.
Risers included drinks manufacturer AG Barr, which added 1.6% to 1,145.5p and Plexus Holdings, which rose 4.7% to 121.5p.