Despite the FTSE 100 closing slightly up on Monday, sectors were mixed. Heavy losses in the drug, financial and oil sectors were offset by a comeback from the telecommunications sector. Due to the telecommunications rises, the FTSE TechMARK managed a gain of over 1%.
Tuesday saw a second day of gains for the FTSE 100 so far this week. By close of play the FTSE 100 was slightly up and the FTSE TechMARK returned to its starting level. Economic data released saw UK industrial production rise with the fastest increase since 1999.
Wednesday was a bad day for the FTSE 100 which closed down at a level not seen since October last year. The TechMARK also had a bad day, falling to an all time low. Bank, oil and pharmaceutical stocks were generally to blame for the downturn. By close of play the FTSE 100 had lost almost 2%. The FTSE TechMARK lost just over 2.5%.
Thursday was another bad one for the FTSE 100, ending at an eight month low point. The falls seemed to be a combination of issues, ranging from lower than expected US retail sales and fears over profits for financial stocks. The FTSE 100 fell again, this time by over 1.5% and is under the 4772 level. The FTSE TechMARK fell by 1.5%.
Friday was down, down, down for the FTSE 100, closing lower by 3%. The FTSE TechMARK also declined over 3%. Over the week the FTSE 100 has fallen almost 6%. The TechMARK has lost 6%. The main declining stocks were those from the banking and oil sectors.