London’s top flight index beat a retreat today as figures revealed the eurozone fell deeper into recession following the worst contraction in Germany’s economy since the financial crisis.
The worse-than-expected decline saw the wider eurozone economy shrink by 0.6% in the fourth quarter, sending stock markets sharply lower and London’s FTSE 100 Index down 31.8 points at 6,327.4.
In corporate updates, Rio Tinto reversed early session share gains after the mining giant racked up full-year losses of £1.9billion due to recent write-downs relating to two major acquisitions. The stock later slid 11.5p to 3,745.5p, but rival BHP Billiton held on to gains, up 32p to £22.25.
Engineer Amec was another blue-chip weighing on the wider FTSE 100 with a 7% fall – down 82p to £10.42 – after its cautious outlook disappointed the market.
Cruise ship operator Carnival was down 75p to £25 after cancelling a dozen voyages due to problems with its Triumph cruise ship.
In the second tier FTSE 250 drinks firms Robinsons squash maker Britvic and Irn-Bru owner A.G. Barr both suffered share falls after their plans to merge were referred to the Competition Commission by the Office of Fair Trading. Shares were down 30p to 390p and 13p to 502.5p respectively.
The biggest FTSE 100 risers were Rolls-Royce up 32.5p to £10.17, Aberdeen Asset Management ahead 10.4p to 426.4p, Unilever 38p higher at £25.83 and BHP Billiton up 32p to 2225p.
The biggest FTSE 100 fallers included Shire off 118p to £20.27 and Polymetal 40p lower at £10.22.
Mark Ireland, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted that risers included Superglass up 6.5% at 10.3p, while Anglo Pacific gained another 5.3% to 287.4p.
Fallers included Havelock Europa, off 3.4% at 14.3p and Cairn Energy down 2.8% to 285.1p.