Not to be outdone by the rest of the World, the FTSE 100 fell on Monday and heavily at that. By close of play the FTSE 100 had fallen below the 4,000 mark to 3,994.5. The last time this was seen was December 1996. The actual fall was just short of 5.5% with no stocks escaping selling by investors. The FTSE TechMARK also managed a record loss of just short of 4.5%. Banking and oil stocks were the main culprits of the day but pharmaceuticals and telecommunications added a helping hand. With the US Dollar moving lower against other currencies, the Euro managed to move ahead for the first time since 2000.
Tuesday saw a comeback for UK markets in trade that was severely up and down. By close of play the FTSE 100 was up by almost 1%. The FTSE TechMARK fared worse with a close just short of 0.5%. Another record low. Telecommunication stocks took a turn for the better today and led most of the gains on the FTSE 100.
Wednesday saw another day of gains in the UK, this time by a massive 4% for the FTSE 100 index. The FTSE TechMARK found its feet and went in for a gain of over 3%. Gains today were thanks to telecommunications, oil and financial stocks. Investors seemed to be looking forward, rather than staying with worse than expected earnings news from across the US.
Thursday saw financial stocks take over for a second day, leading the FTSE 100 further into the black by over 2% at 4,279.2, firmly back in the 4,000's. The FTSE TechMARK also shared in the successes of stocks and closed up by 2.5%. A spate of positive profit news was released today from a range of sectors, obviously giving confidence to investors.
Friday saw the 4,000 level back in question as the FTSE 100 fell over 4.5% to close at 4,098.3. It was a dismal day in the markets as sellers were rife across the broad spectrum of stocks. Falls in the US did nothing to help matters in the UK and pharmaceutical, oil, telecommunication and banking stocks were hit worst. The FTSE TechMARK closed over 2.5% lower at the close.