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Version 0 Version 1
London Market Report London Market Report
(about 4 hours later)
(Noon): Stocks resumed their downward path, with the FTSE 100 index down 56.50 points, or 0.8%, at 6,661.54. (Close): Stocks resumed their downward path, with the FTSE 100 index closing 45.67 points or 0.68% down at 6,672.37.
Share indexes across Europe saw bigger falls after investors' confidence was hit by some weak economic data.Share indexes across Europe saw bigger falls after investors' confidence was hit by some weak economic data.
French manufacturing output fell 2.3% in May and Italian industrial output also saw a sharp fall.French manufacturing output fell 2.3% in May and Italian industrial output also saw a sharp fall.
Sentiment was also hit by news that shares in Banco Espirito Santo, Portugal's largest listed bank by assets, had fallen more than 15%.Sentiment was also hit by news that shares in Banco Espirito Santo, Portugal's largest listed bank by assets, had fallen more than 15%.
The fall was triggered by worries over the financial strength of the bank's holding companies.The fall was triggered by worries over the financial strength of the bank's holding companies.
In the London market, shares in Burberry rose 1.8% after it reported a strong rise in quarterly sales, although it added it would take a hit to profits from currency movements. In the London market, shares in Burberry rose 3.2% after it reported a strong rise in quarterly sales, although it added it would take a hit to profits from currency movements.
Shares in the London Stock Exchange dropped 3.2% after reports that the Qatar Holding sovereign wealth fund had sold a 5% stake in the exchange. The sale still leaves Qatar Holding with a stake of about 10% in the LSE. Shares in the London Stock Exchange dropped 3.1% after reports that the Qatar Holding sovereign wealth fund had sold a 5% stake in the exchange. The sale still leaves Qatar Holding with a stake of about 10% in the LSE.
Housebuilder Barratt Developments fell 1.7% despite releasing an upbeat trading update. Barratt said profits would be at the top end of forecasts, with completions at the highest level in six years. Housebuilder Barratt Developments closed 0.4% higher after releasing an upbeat trading update. Barratt said profits would be at the top end of forecasts, with completions at the highest level in six years.
Halfords shares fell 3.3% despite the car maintenance and bike retailer reporting a 7.9% rise in revenue for the 13 weeks to 27 June. Halfords shares fell 2.5%, despite the car maintenance and bike retailer reporting a 7.9% rise in revenue for the 13 weeks to 27 June.
Halfords saw a strong rise in sales at its cycling section - up 21.3% on a like-for-like basis - which it said had been helped by the good weather and increased interest in the Tour de France.Halfords saw a strong rise in sales at its cycling section - up 21.3% on a like-for-like basis - which it said had been helped by the good weather and increased interest in the Tour de France.
On the currency markets, the pound dropped 0.3% against the dollar to $1.7109 and was down 0.1% against the euro at 1.2565 euros. On the currency markets, the pound dropped 0.2% against the dollar to $1.7125 and was up 0.1% against the euro at 1.2592 euros.