FTSE 100 watch: Footsie hits fresh lows on global growth concerns

on Oct 10, 2014
Updated: Oct 21, 2019

iNVEZZ.com, Friday, October 10: Britain’s blue-chip index has slid deep into the red today, weighed down by continuing global growth concerns.

TUI Travel (LON:TT) has fallen to the bottom of the FTSE 100 leaderboard amid fears that the Ebola epidemic could result in travel disruptions.
**Footsie slides deep into the red**
As of 12:48 BST, the UK benchmark index had shed 70.73 points to stand 1.10 percent lower at 6,361.12, extending yesterday’s losses when it posted its lowest close in 12 months. The index has also dropped below its intraday low of 6,416.72 for the current year, set in February.

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Global stocks have been under pressure this week amid disappointing data from Germany and after the International Monetary Fund downgraded its global growth forecasts.
The Financial Times quoted Mike McCudden, head of derivatives at Interactive Investor, as commenting: “the stuttering global economy continues to spook investors who appear to be on a mass exodus from equities”.

He pointed out, however, “when fear grips, opportunities arise and both short and longer term investors will be lapping up opportunities as they come in droves”.
Sanlam Securities head of execution trading Mark Ward told Reuters that his firm were “buyers at these levels”.
“The markets are now starting to hit the bottom… we might still see the FTSE 50 to 60 points lower, but it does feel like it is now the time to start picking up some cheap stocks,” he added.

**Top blue-chip winners and losers**
TUI Travel has been the standout Footsie faller in today’s session with investors selling shares in the travel operator amid concerns about the Ebola epidemic. TUI Travel’s share price is currently 5.35 percent worse off at 337.80p.

Tullow Oil (LON:TLW) has led other energy stocks lower with the price of Brent crude hitting its lowest level since 2010. Tullow Oil’s share price has lost 4.98 percent to 542.58p even as the company today unveiled ‘encouraging’ results from a well offshore Gabon. ()
Insurers Admiral Group (LON:ADM) and RSA Insurance (LON:RSA) have been the only stocks trading in positive territory, with RSA’s share price currently standing 0.76 percent higher at 466.50p and shares in Admiral changing hands 0.32 percent up at 1,263.00p.
**The FTSE 100 was 1.12 percent down at 6,360.12 points as of 13:00 BST on October 10, 2014.**


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