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FTSE 100 slides as Fed rally runs out of steam FTSE 100 slides as Fed rally runs out of steam
(about 5 hours later)
(Noon): UK shares fell back, wiping out most of the gains recorded in the previous session when markets were lifted by news of a rate rise by the Federal Reserve. (Close): The London market closed 50 points lower on Friday, erasing all the gains posted in the previous session after the US Federal Reserve rate move.
The FTSE 100 was down 31.76 points at 6,070.79, after having risen by more than 40 points on Thursday. The FTSE 100 fell 0.8% at 6,052.4, after having risen more than 40 points on Thursday.
The index would have been lower but for support from commodity-related shares. Smith & Nephew was the second-biggest riser, adding 4.6% on a report that Stryker was planning to bid for the pharmaceutical company.
A slight recovery in the prices of some metals lifted mining companies, with Anglo American up 1.8%. The FTSE's slide would have been bigger but for support from commodity shares.
A slight recovery in the prices of some metals lifted mining companies, with Anglo American the top riser, up 5.7%.
BG Group was the biggest faller, ending 4% lower.
Brenda Kelly, head analyst at London Capital Group, said: "Recent history would indicate that these large swings in the share prices of commodity producers have been characteristic of a downtrend and attempts to catch the falling knife has not been without casualty."
Alastair McCaig, market analyst at IG, said: "Blink and you'll have missed it, as the US interest hike feelgood factor looks to have already evaporated.Alastair McCaig, market analyst at IG, said: "Blink and you'll have missed it, as the US interest hike feelgood factor looks to have already evaporated.
"Historically, this has been the week in December when the benefits of the Santa rally can be enjoyed by equity investors. Uncertainty and indecision created in the run-up to Wednesday has seen the boost equity markets would have hoped for turn out as more of a whimper than a bang.""Historically, this has been the week in December when the benefits of the Santa rally can be enjoyed by equity investors. Uncertainty and indecision created in the run-up to Wednesday has seen the boost equity markets would have hoped for turn out as more of a whimper than a bang."
Shares in temporary power provider Aggreko fell 1.9% after it pulled out of bidding to supply generators to the Rio Olympics. Shares in temporary power provider Aggreko fell 2.3% after it pulled out of bidding to supply generators to the Rio Olympics.
On the currency markets, the pound edged up 0.1% against the dollar to $1.4918, and was also 0.1% higher against the euro at €1.3776. On the currency markets, the pound edged up 0.1% against the dollar to $1.4914, but fell 0.1% against the euro at €1.3749.