Monday saw the FTSE 100 index fall lower on the back of telecommunication and technology stocks being sold off. Despite this bad news, some of the losses were offset by strength in the utilities companies. By close of play the FTSE 100 was down by almost 0.5%. The FTSE TechMARK fell by almost 1%.
Tuesday saw telecommunication stocks in for another battering and falls were also seen in oil stocks, with poor earnings news from companies like Exxon Mobil. Losses were stemmed by positive purchases of banking and drug stocks. Despite some of the losses being offset, the FTSE 100 and FTSE TechMARK still managed a loss of over 0.5% each.
Wednesday carried through gains for banking and drug stocks and oil stocks continued south. Despite losses, the FTSE 100 managed a gain of 0.5% for the day. The FTSE TechMARK fared better and rose by almost 1%. Investors seem to be moving their money away from the volatility of technology, media and telecommunications and ploughing it into banking stocks. Today saw the stock price of the London Stock Exchange itself rise, with rumours of a take-over by the Nasdaq in the US. Despite the rumours, the London Stock Exchange denied all knowledge.
Thursday saw the FTSE 100 end in the red although by much less than could have been. Losses were stemmed this time by banking stocks and the recovery of Vodafone. By close of play, the FTSE 100 had lost almost 0.5% with the FTSE TechMARK down over 1%. Economic news was released today regarding retail sales in the UK. Apparently, retail sales rose by 5.6% more in March this year than in March last year. However, the actual figures were worse than expected and fell back 0.2% from February's figures.
Friday was a bad day for the markets with oil and telecommunication stocks still on a downer. News from the US was bitter sweet - gross domestic product data was stronger but markets were still moving lower. The FTSE 100 again closed lower, this time by over 0.5%, taking the weekly tally to a 1.6% loss. The FTSE TechMARK also fell on Friday by over 1%, leaving the total loss for the week at almost 4.5%.