Eurozone debt fears returned to haunt the market today as turmoil in Egypt also sent oil prices to their highest for more than a year.
The FTSE 100 Index shed 1.2%, closing down 74.1 points to 6,229.9, amid growing concerns over the future of Portugal’s coalition government as it attempts to pursue the austerity measures demanded by creditors.
Commodity-based stocks came under pressure, with Anglo American leading miners lower with a fall of 6%, or 73p to £12.07, followed by Vedanta Resources 30p cheaper at £10.09 and Glencore Xstrata 7p lower at £2.69.
Other fallers included Barclays after the agency Standard & Poor’s cut its long-term rating on the bank by one notch amid concerns about the impact of continued regulatory pressure. Shares were down 2.25p at 280.75p, while elsewhere in the sector Standard Chartered was off 36p to 1,427.5p and HSBC dropped 13.9p to 680.9p.
Airline Flybe enjoyed a much-needed rally after it announced the appointment of easyJet’s former chief commercial officer Saad Hammad as chief executive to replace long-term boss Jim French, who is to remain as chairman. Shares jumped 9% or 4p to 50.5p.
The biggest FTSE 100 risers included Tullow Oil up 28p to £10.61, Eurasian Natural Resources 5.5p ahead at 212.4p and GKN 5.8p higher at 307.8p.
Among the biggest FTSE 100 fallers were CRH off 62p to £12.92 and Weir Group 82p lower at £20.77.
Elaine McLachlan, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted that risers included Parkmead Group, up 2% to 13.5p, Faroe Petroleum gained 1.9% to 108.5p and A.G. Barr rose 1.6% to 512.3p.
Fallers included IndigoVision off 5.9% to 337.5p and Wolfson Microelectronics 5% lower at 155.5p.
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