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FTSE 100 facing worst ever year FTSE 100 index facing worst year
(about 7 hours later)
The financial brutality of 2008 is set to be confirmed later, when the FTSE 100 index closes at 1230 GMT for the final time this year.The financial brutality of 2008 is set to be confirmed later, when the FTSE 100 index closes at 1230 GMT for the final time this year.
It will be officially confirmed that the past 12 months have been the worst performing year for the London-based index since its inception in 1984.It will be officially confirmed that the past 12 months have been the worst performing year for the London-based index since its inception in 1984.
The index of leading shares will close down by about a third on a year ago.The index of leading shares will close down by about a third on a year ago.
In early New Year's Eve trading in London, the FTSE 100 was ahead by 40 points or 0.9% to 4,433.
The FTSE indexes, including the FTSE 250, are the benchmark for investors, including institutional funds.The FTSE indexes, including the FTSE 250, are the benchmark for investors, including institutional funds.
FTSE 100 INDEX: JAN-DEC 2008The FTSE 100 was launched 24 years ago and used as the main market indicator for the UK and for derivative products such as futures and options. FTSE 100 INDEX: JAN-DEC 2008
The FTSE 100 was launched 24 years ago and used as the main market indicator for the UK and for derivative products such as futures and options.
Biggest gainer over the past year has been Randgold, up roughly 60%. Other big gainers include British Energy, and drugmaker AstraZeneca.Biggest gainer over the past year has been Randgold, up roughly 60%. Other big gainers include British Energy, and drugmaker AstraZeneca.
Banks have been hit hard over the past 12 months, with HBos and Royal Bank of Scotland losing roughly 90% of their share value, while Lloyds TSB and Barclays have lost about 70% of their value. Banks have been hit hard over the past 12 months, with HBOS and Royal Bank of Scotland losing roughly 90% of their share value, while Lloyds TSB and Barclays have lost about 70% of their value.
"The problems that started to emerge in 2007 always meant that 2008 was going to be a volatile year, but few could have predicted just how traumatic it would have turned out," analyst Henk Potts of Barclays Wealth told the BBC Radio Five Live's Wake Up To Money programme.
'Back foot''Back foot'
"Commodities and resources have had a seesaw year in 2008, but I still like that sector overall, particularly with oil in the $30 range," said Martin Slaney, head of derivatives at GFT Global Markets."Commodities and resources have had a seesaw year in 2008, but I still like that sector overall, particularly with oil in the $30 range," said Martin Slaney, head of derivatives at GFT Global Markets.
He added: "I like gold... as a long-term investment."He added: "I like gold... as a long-term investment."
There is hope after a dismal and destructive 2008 Henk PottsStrategist, Barclays Stockbrokers BEST 2008 PERFORMERS 1. Randgold2. British Energy3. Astrazeneca4. Amlin5. Compass
"But overall it's still pretty much on the back foot... it's difficult to find much reason for buying into the market even at these levels.""But overall it's still pretty much on the back foot... it's difficult to find much reason for buying into the market even at these levels."
Mr Slaney also said he could envisage a scenario where the the FTSE 100 could dip below the 4,000 mark again.Mr Slaney also said he could envisage a scenario where the the FTSE 100 could dip below the 4,000 mark again.
WORST 2008 PERFORMERS 1. HBOS2. RBS3. Kazakhmys4. Xstrata5. 3i Group
He also said the market could struggle to break the 5,000 level.He also said the market could struggle to break the 5,000 level.
And Henk Potts, strategist at Barclays Stockbrokers, said: "All eyes are on what 2009 has to bring, with a year of two halves expected. "All eyes are on what 2009 has to bring, with a year of two halves expected," added Mr Potts.
"Shares will remain volatile in the first quarter, and then as the economic backdrop improves in the second half equities should start to pick up. There is hope after a destructive and dismal 2008.""Shares will remain volatile in the first quarter, and then as the economic backdrop improves in the second half equities should start to pick up. There is hope after a destructive and dismal 2008."