The FTSE 100 Index slumped into the red today after weak economic data in the UK and US.
Figures showing a fifth consecutive month of shrinking output from Britain’s construction sector and disappointing job and other negative economic data from America helped to send blue-chip stocks crashing 70.4 points to 6,420.3.
Shares in Vodafone fell more than 3%, or 4.5p to 186.15p after Verizon denied that it and fellow US group AT&T were working on a £161billion takeover.
Elsewhere in the FTSE 100, insurers were among the heaviest fallers due to fears they face more intense scrutiny from the creation of the Financial Conduct Authority and Prudential Regulatory Authority. These two new bodies replaced the Financial Services Authority on April 1.
Edinburgh-based Standard Life topped the fallers’ board after shedding 23.9p to close at 346.4p, RSA Insurance dropped 6.4p to 111.4p, and Old Mutual was down 5.8p at 200.3p.
Other big fallers included Evraz off 13p at 203.5p and Eurasian Natural Resources down 12.6p at 271.1p.
The Footsie’s biggest risers were Aberdeen firm Wood Group up 15p at 879.5p, Vedanta Resources 17p higher at £10.09, IMI ahead 19p at £13.01 and Schroders up 30p to £21.65.
Energy supplier SSE managed to hold firm despite watchdog Ofgem hitting it with a record £10.5million fine for “prolonged and extensive” mis-selling. After initially falling, SSE’s shares closed up 4p at £15.11.
Pennon Group was given a boost by talk the Abu Dhabi Investment Authority was mulling a bid of up to £7.75 per share, mainly to gain control of its South West Water business. Pennon’s shares rose 25.5p to 650.5p, a 4% gain.
Stuart Lamont, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, highlighted Centrica up 0.5% to 375.6p and Aggreko gaining 0.5% to £17.88, with EnQuest down 1.8% to 139.95p and Aberdeen Asset Management off 1.4% at 427.4p.