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Footsie up after turbulent week

Britain's leading shares index has brought a turbulent week to a close as world leaders failed to ease global recession fears.

The FTSE 100 Index lost 5.6% or £78 billion from its value this week, which is the second worst weekly fall this year, despite a last-minute push which saw it close 0.5% higher on the day.

A gloomy outlook from America's central bank, weak Chinese and eurozone economic data and the enduring sovereign debt crisis battered investors' confidence throughout the week.

The FTSE 100, which features companies including Tesco, Marks & Spencer and BP, closed 4.7% lower on Thursday, its biggest percentage fall since March 2009.

The dismal week closed as leaders from the world's wealthiest nations pledged to take action to help calm the markets.

A joint statement from the Group of 20 nations said: "We are taking strong actions to maintain financial stability, restore confidence and support growth. We commit to take all actions to preserve the stability of banking systems and financial markets as required."

Elsewhere in Washington, Chancellor George Osborne warned time was running out to tackle the eurozone debt crisis.

He said: "There is a far greater sense of urgency than there was three weeks ago about the necessity for the eurozone to address its problems and there is pressure on the eurozone from across the international community."

But analysts said the London market's lacklustre finish reflected a lack of confidence in political leadership.

David Jones, chief market strategist at IG Index, said: "Markets have been tired of continual talk over drawing a line under the crisis, but very little in the way of action. The last couple of days have had a very similar feeling of panic as that experienced in August - it would be a relief all around if there was some calm when trading resumes next week, but very few seem willing to bet on that at the moment."


From Belfast Telegraph