London’s leading shares index retreated today after the World Bank sounded the alarm over global growth prospects with a warning over Asia’s economy.
The FTSE 100 Index closed 29.3 points lower at 5,841.7 after the World Bank downgraded its growth forecasts for Asia.
There were only a handful of risers in the top flight, while copper miner Evraz leading the fallers board with a decline of 4% or 9.4p to 244.7p.
Corporate updates did little to lighten the mood after profit warnings from materials business Cookson and recruitment firm Michael Page International.
Cookson warned that full-year results would be below its previous hopes, triggering a slide in its stock market value to £1.5billion after shares fell 76p to 539p.
The poor economic conditions also left their mark on Michael Page International after it said full-year operating profits were likely to be slightly below current market forecasts. Shares fell 4% at one stage but were later 2.1p lower at 363p.
FirstGroup shares continued to suffer in the wake of the Department of Transport’s decision to pull the award of the West Coast franchise. Shares fell another 3%, off 2.7p to 190.8p, compared with 244p prior to last week’s announcement.
The biggest Footsie risers were Morrisons up 5.7p at 283.9p, Hargreaves Lansdown ahead 6p at 672p, Carnival up 16p at £23.76 and Tesco ahead 2p at 317.4p.
Among the biggest Footsie fallers were GKN down 9.4p at 216.9p, Melrose down 8p at 238.4p and Croda International off 73p at £22.90.
Carrie Keenan, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted BG Group and SSE were among the day’s limited risers, gaining 0.58% to £13.08 and 0.07% to £14.36 respectively.
On the faller’s board Weir Group closed 2.48% down at £18.06 and Hunting dropped 2.4% to 834p.