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Gold/Mining/Energy : A to Z Junior Mining Research Site
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To: 4figureau who wrote (3009)1/29/2003 9:20:20 AM
From: 4figureau  Read Replies (1) of 5423
 
Shares down after Bush speech
14.06PM GMT, 29 Jan 2003
Shares are back to last night's closing point of 3490 despite falling nearly 100 points this morning after President Bush warned of war in Iraq.

The tumble brought an end to hopes the market would swiftly put back losses sustained in its unprecedented 11-day losing streak.

The fall came despite a strong close from Wall Street last night, where the Dow Jones Industrial Average closed 99 points ahead following better-than-expected economic data.

However traders are now forecasting a sharp fall in the Dow on the US's opening this afternoon, and the expectations weighed on London trading.

Among the fallers today are the battered insurance and banking sectors. Insurers have been hit by fears over solvency levels while the banking sector has seen worries about the level of bad debts.

Insurers on the slide include Friends Provident down 5p at 83p, Prudential off 17.5p at 336.5p, Aviva 16.5p lower at 350.5p and Royal & Sun Alliance 3.75p down at 91.5p.

Among banks on the slide are Abbey National, off 21.75p at 370p, HBOS 18p lower at 531p and Barclays down 7.5p at 326.25p.

Northern Rock has also tumbled, down 12p to 555.5p, despite kicking off the banking reporting season with an 18 per cent jump in profits.

High St book retailer WH Smith is off 21.25p to 275p after disappointing the market with a sales fall.

The Asian markets have also suffered.

Tokyo stocks fell to an 11-week low and South Korean shares plunged 3 per cent to their lowest close in almost 15 months. Singapore hit levels unseen since September 2001.

itv.com
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