Footsie 'manipulated' to keep it over 6,000
"Observers of the London stock market are calling it one of the most blatant examples yet of manipulation. Falls in many FTSE 100 shares last Wednesday and Thursday meant the index should have been sharply down at the end of September. However, it managed to finish both sessions-- and more importantly the third qauarter-- above the crucial 6,000 level.
The reason-- on two successive sessions, rises in BP Amoco and Vodafone Airtouch alone were sufficient to keep it there. Vodafone had œ231 million turnover on Wednesday and œ165 million on Thursday, while BPA enjoyed œ285 million over the two days.
'There's real scepticism over the Footsies's true level,' observed one broker. 'It should be much lower. This is blatant market manipulation-- it suits someone for the index to finish the third quarter above 6,000.' As if to prove the point, the Footsie made little effort to hold above 6,000 on Friday, closing at 5,970.7 as further fears over US interest rates took hold..."
Excerpt from Share Week by Ian King, Financial Mail on Sunday
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