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FTSE 100 continues downward slide FTSE 100 continues downward slide
(about 3 hours later)
(Open): Shares on London's main index were lower for a third consecutive day on Tuesday as concerns about a sliding oil price and the eurozone crisis continue. (Noon): Shares on London's main index were lower for a third consecutive day on Tuesday as concerns about a sliding oil price and the eurozone crisis continue.
The FTSE 100 was down 0.72%, or 46 points, at 6,370.68. At midday, the FTSE 100 was down 0.63%, or 40 points, at 6,376.81.
Shares in the construction equipment group Ashtead Group were the biggest fallers by a long margin, sliding more than 7%. Shares in the construction equipment group Ashtead Group were the biggest fallers by a long margin, sliding more than 6%.
That follows a broker downgrade for its US rival United Rentals overnight.That follows a broker downgrade for its US rival United Rentals overnight.
United Rentals also saw its stock fall sharply.United Rentals also saw its stock fall sharply.
The price of oil was lower again, as were oil stocks. The price of Brent crude was down 1.2% at $52.46 a barrel. The price of oil sank to a fresh five-and-a-half year low, sending oil stocks lower again. The price of Brent crude was down 1.8% at $52.15 a barrel at midday, having fallen below $52 a barrel at one point.
"With the new year has come the same old problems for global financial markets, with the supply glut and weaker demand for oil causing tumbling prices," said James Hughes, chief market analyst at Alpari UK."With the new year has come the same old problems for global financial markets, with the supply glut and weaker demand for oil causing tumbling prices," said James Hughes, chief market analyst at Alpari UK.
"Europe is the other major talking point in global markets yet again this week and it feels like we have moved full circle on the eurozone crisis as markets are yet again dominated by a potential exit from the euro area by Greece," he continued."Europe is the other major talking point in global markets yet again this week and it feels like we have moved full circle on the eurozone crisis as markets are yet again dominated by a potential exit from the euro area by Greece," he continued.
On the currency markets, the pound fell 0.04% against the dollar to $1.5244 and slipped 0.07% against the euro to trade at €1.2768. On the currency markets, the pound fell 0.33% against the dollar to $1.5199, extending its losses after an economic survey showed that growth in the UK services sector lost momentum at the end of last year.
Against the euro the pound was unchanged at €1.2778.