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Market Outlook - Short Term
Tracked by: 0 Boarder
President Bush
`Here`s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets.` `Here`s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets.`
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by :
sambala
Stocks back in black
Dow industrials rebound late in session from nearly 700-point slide
Financials lead a late-day comeback for stocks; Bank of America, Citigroup, J.P. Morgan jump; Dow UP 185 POINTS.
Tracked by: 0 Boarder
Pado: Fingers crossed for thousand point bounce
With high hopes of "another coordinated effort by the G7 over this coming weekend to ensure the bank deposits from one bank to another bank," Marc Pado, the US Market Strategist at Cantor Fitzgerald is looking for a market recovery next week. He tells Steve Potisk if those deposits are guaranteed good, "you burst the bubble of pressure that`s building," and a bounce back of "a thousand points or more" wouldn`t be out of the question. Pado says "in terms of valuations, this is way below the levels that we have seen in `87 and in `74, at the very bottoms of the worst bear markets that we`ve seen."
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
Stocks back in black
Dow industrials rebound late in session from nearly 700-point slide
Financials lead a late-day comeback for stocks; Bank of America, Citigroup, J.P. Morgan jump; Dow UP 185 POINTS.
Tracked by: 1 Boarder
Crossed................ Sure shot it was from me......
What do you fell ??????...
In reply to:
No one is too big not to fall
Posted by :
Lalitdeshpandey
Gold may cross 13k First before fall.
Tracked by: 0 Boarder
Stocks back in black
Dow industrials rebound late in session from nearly 700-point slide
Financials lead a late-day comeback for stocks; Bank of America, Citigroup, J.P. Morgan jump; Dow UP 185 POINTS.
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
Bull vs. Bear: Looking for bottom
Stocks went on another wild ride Friday. But after nearly two weeks of selling, is the bottom finally near? Bulls and bears sound
Tracked by: 0 Boarder
Bull vs. Bear: Looking for bottom
Stocks went on another wild ride Friday. But after nearly two weeks of selling, is the bottom finally near? Bulls and bears sound ...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
With 40 minutes left in the session, the Dow trims losses and flirts with positive territory after falling as much as 697 points.
Tracked by: 0 Boarder
With 40 minutes left in the session, the Dow trims losses and flirts with positive territory after falling as much as 697 points....
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
That rebuilding will be the job of another day -- of a new administration here in the U.S., of finance ministries and central banks working together. It must draw upon the strength of the now chastened private sector. It will require more understanding of the risks embedded in so-called financial engineering and of the perverse compensation incentives that have exalted risk over prudence.
There is, and must be, recognition of the essential role that free and competitive financial markets play in a vigorous, innovative economic system. There needs to be understanding, in that context, that financial ups and downs -- and financial crises -- will be inevitable, even with responsible economic policies and sensible regulation. But never again should so much economic damage be risked by a financial structure so fragile, so overextended, so opaque as that of recent years.
Mr. Volcker was chairman of the Federal Reserve from 1979-1987.
Tracked by: 8 Boarders
Whatever we post, we shall take responsibility , if lot of peoplefollow us..
I just wanted to tell this guy that he is on wrong path.
Instead he started arguing with me. And I did what I felt!!
When every one is faling wrong we can not blame and single out any one. However, he should have accepted my views, too, even after Sensex plunged 2400 poins instead of rallying the same!!!!!!
It is matter of MONEY and LOSSES, This board is not for poets and story writers. We shall be serious........
In reply to:
SENSEX to rally by 2400 pts in 7 days
Posted by : gv
Dear Sir,
I think your message is harsh on Kalidaji
People give their view point with their logic and experience
That is exactly people like me want to understand different point of view
and take my call
The responsibility is with me on what i do after listening to the views
So saying "HOWEVER, THOUSANDS LIKE ME ARE RUINED...."
Is not a fair statement to make
People have different views here,some may be correct and some may not This is a forum we exchange views
I never believed in Some one saying "I know more about the market than you"
Hope i have not offended you with my message
Regds
GV
Tracked by: 8 Boarders
Dear Sir,
I think your message is harsh on Kalidaji
People give their view point with their logic and experience
That is exactly people like me want to understand different point of view
and take my call
The responsibility is with me on what i do after listening to the views
So saying "HOWEVER, THOUSANDS LIKE ME ARE RUINED...."
Is not a fair statement to make
People have different views here,some may be correct and some may not This is a forum we exchange views
I never believed in Some one saying "I know more about the market than you"
Hope i have not offended you with my message
Regds
GV
...
In reply to:
SENSEX to rally by 2400 pts in 7 days
Posted by : Lalitdeshpandey
Dear kalidas,
You created this thraed on 25-09-2008.
Today is 03-OCTOBER-2008.............
It is high time to take stock of your Hong Kong strategy and mostly your theory is based on US Economic News.I have time and again posted mesage on your board that you are just a CUT-PASTE man and do not seems to have real knowledge of ECONOMY.
I, once again painfully compelled to post here my views that WORLD economy in general and US Economy in particular is passing from the most worlst phase of the CENTURY.I do not know your Academic qualification or EXPOSURES to CURRENT OCCURANCE ,Since March-2007 in the USA, and its Impact on the world economy, HOWEVER, It is painfull that just for the shake of creating crowd you are copying the articles and pasteing on this board without having depth study of economic and financial knowledge.
Now Comming to the TITLE of thisthread, in which, you have BLUNLY and TUPIDLY posted your confidential views that Sensex will RALLY 2400 points in 7 days....
I had posted my logic several times that even historic bull time has rarely shown such a rally in 7 days, BUT TO MY SUPRISE and TO THE SHAME OF MMB, all of my mesages are deleted by you or your BLIND FOLLOWERS. It is not that much important but what it cause damage to thousands of your followers is that they failed to have look and second thought against your filthy prediction of SENSEX RALY 2400 points in 7 days.
On 25-09-2008, when you posted your message, SENSEX was 13692
and iF i SAY CLOSE OF THE DAY ON 03-OCTOBER-20O8, IT WAS 12526.
IN SUM, 13692-12526=1166 POINTS WERE SNACHED FROM SENSEX.SENSEX FALL DOWN BY 1166 POINTS DURING THESE 7 DAYS INSTEAD RALLYING OF 2400 POINTS S YOU BOLDLY ( I CAN SAY BLINDLY) PREDICTED.
NOW MY REQUEST IS THAT YOU JUST CONTINUE WITH YOUR RESTRICTED POSTING ABOUT USELESS USA INFORMATION( WHICH IS OF NO USE TO ANY ONE IN INDIA!!!!!), AND REFRAIN FROM PREDICTING SENSEX MOVEMENTS.
YOU ARE JUST KIDING ONTHIS BOARD, HOWEVER, THOUSANDS LIKE ME ARE RUINED........
I HOPE YOU WILL STOP POSTING SUCH MESSAGES IN FUTURE FOR GOD`S SHAKE.
THANKS AND REGARDS,
ONE OF THE RUINED INVESTOR.
Tracked by: 0 Boarder
Thirdly, we must have stronger international rules for transparency, disclosure and the highest standards of conduct. Successful market economies need trust, which can only be built through shared values. So as we reform our financial system we should encourage hard work, effort, enterprise and responsible risk-taking - qualities that markets need to ensure, so that the rewards that flow are seen to be fair. But when risk-taking crosses the line between the responsible entrepreneurship, which we want to celebrate, and irresponsible risk-taking, then we have to take action to see that markets work in the public interest to reflect our shared values.
And fourthly, national systems of supervision are simply inadequate to cope with the huge cross-continental flows of capital in this new, ever more interdependent world. I know that the largest financial institutions will welcome the proposed colleges of cross-border supervisors that should be introduced immediately. The Financial Stability Forum and a reformed International Monetary Fund should play their part not just in crisis resolution but also in crisis prevention.
And action for financial stability should be accompanied by the wider international economic co-operation such as that which began on Wednesday with co-ordinated action on interest rates.
I have said all along that we will do whatever it takes to secure the stability of the financial system. And we have not flinched from taking the bold and far-reaching decisions needed to support British families and businesses through these extraordinary times.
We must now act for the long term with co-ordinated national actions.
The resolve and purposefulness of governments and people across the world is being put to the test. But across the old frontiers we must now redouble our efforts internationally. For it is only through the boldest of co-ordinated actions across the globe that we will adequately support families and businesses in this global age.
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
We must lead the world to financial stability
Strong banks, unfrozen markets, greater transparency and international supervision are the four keys to recovery
Gordon Brown
The banking system is fundamental to everything we do. Every family and every business in Britain depends upon it. That is why, when threatened by the global financial turmoil that started in America and has now spread across the world, we in Britain took action to secure our banks and financial system.
The stability and restructuring programme for Britain that we announced this week is the first to address at one and the same time the three essential components of a modern banking system - sufficient liquidity, funding and capital.
So the Bank of England has pledged to double the amount of liquidity it provides to the banks; we have guaranteed new lending between the banks so that we can get the banks lending to each other again; and at least £50 billion will be made available to recapitalise our banks.
We will take stakes in banks in exchange for a return and will guarantee interbank lending on commercial terms. And at the heart of these reforms are clear principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders.
But because this is a global problem, it requires a global solution. Indeed this now moves to a global stage with a range of international meetings starting this week with the G7 and the IMF and, we propose, culminating in a leaders meeting in which we must lay down the principles and the new policies for restructuring our banking and financial system all around the globe.
When I became Prime Minister I did not expect to make the decision, along with Alistair Darling, for the Government to offer to take stakes in our high street banks, just as nobody could have anticipated the action taken in America. But these new times require new ideas. The old solutions of yesterday will not serve us well for the challenges of today and tomorrow.
So we must leave behind outworn dogmas and embrace new solutions.
Of course, the policies each country pursues will need to be suited to its particular circumstances. But based on the British approach, I believe through wider European co-operation and also co-ordination among the leading economies, there are four broad steps we must now all take to restore our international financial system.
First, every bank in every country must meet capital requirements that ensure confidence. Just as in the UK we have made at least £50 billion of new capital available, so other countries where banks have insufficient capital will need to take measures to address this. Only strong and solid banks will be able to serve the global economy.
Secondly, short-term liquidity is simply a means of keeping the system going. What really matters for the future is to open the money markets that have been closed for medium-term funding from the private sector. Until only a few weeks ago few, if any, appreciated the real significance of the money markets within the wider global financial crisis and the importance of trust in these markets. But the freezing of the market for medium-term funding reflects a total loss of trust between banks
The potential economic consequences cannot be understated. The role of banks is to circulate the savings from deposits, our pensions and from companies to those that need to spend or invest them. The cost at which banks can borrow this money directly affects the costs of mortgages for homeowners and of lending for business. This paralysis of lending from loss of confidence jeopardises the flow of money to every family and every business in the country.
Our guarantee to restart wholesale money markets in exchange for a fee has, I believe, broken new ground in restarting our financial system.
Tracked by: 0 Boarder
We must lead the world to financial stability
Strong banks, unfrozen markets, greater transparency and international supervision are the four keys to recovery
Gordon Brown
The banking system is fundamental to everything we do. Every family and every business in Britain depends upon it. That is why, when threatened by the global financial turmoil that started in America and has now spread across the world, we in Britain took action to secure our banks and financial system.
The stability and restructuring programme for Britain that we announced this week is the first to address at one and the same time the three essential components of a modern banking system - sufficient liquidity, funding and capital.
So the Bank of England has pledged to double the amount of liquidity it provides to the banks; we have guaranteed new lending between the banks so that we can get the banks lending to each other again; and at least £50 billion will be made available to recapitalise our banks.
We will take stakes in banks in exchange for a return and will guarantee interbank lending on commercial terms. And at the heart of these reforms are clear principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders.
But because this is a global problem, it requires a global solution. Indeed this now moves to a global stage with a range of international meetings starting this week with the G7 and the IMF and, we propose, culminating in a leaders meeting in which we must lay down the principles and the new policies for restructuring our banking and financial system all around the globe.
When I became Prime Minister I did not expect to make the decision, along with Alistair Darling, for the Government to offer to take stakes in our high street banks, just as nobody could have anticipated the action taken in America. But these new times require new ideas. The old solutions of yesterday will not serve us well for the challenges of today and tomorrow.
So we must leave behind outworn dogmas and embrace new solutions.
Of course, the policies each country pursues will need to be suited to its particular circumstances. But based on the British approach, I believe through wider European co-operation and also co-ordination among the leading economies, there are four broad steps we must now all take to restore our international financial system.
First, every bank in every country must meet capital requirements that ensure confidence. Just as in the UK we have made at least £50 billion of new capital available, so other countries where banks have insufficient capital will need to take measures to address this. Only strong and solid banks will be able to serve the global economy.
Secondly, short-term liquidity is simply a means of keeping the system going. What really matters for the future is to open the money markets that have been closed for medium-term funding from the private sector. Until only a few weeks ago few, if any, appreciated the real significance of the money markets within the wider global financial crisis and the importance of trust in these markets. But the freezing of the market for medium-term funding reflects a total loss of trust between banks
The potential economic consequences cannot be understated. The role of banks is to circulate the savings from deposits, our pensions and from companies to those that need to spend or invest them. The cost at which banks can borrow this money directly affects the costs of mortgages for homeowners and of lending for business. This paralysis of lending from loss of confidence jeopardises the flow of money to every family and every business in the country.
Our guarantee to restart wholesale money markets in exchange for a fee has, I believe, broken new ground in restarting our financial system.
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
That rebuilding will be the job of another day -- of a new administration here in the U.S., of finance ministries and central banks working together. It must draw upon the strength of the now chastened private sector. It will require more understanding of the risks embedded in so-called financial engineering and of the perverse compensation incentives that have exalted risk over prudence.
There is, and must be, recognition of the essential role that free and competitive financial markets play in a vigorous, innovative economic system. There needs to be understanding, in that context, that financial ups and downs -- and financial crises -- will be inevitable, even with responsible economic policies and sensible regulation. But never again should so much economic damage be risked by a financial structure so fragile, so overextended, so opaque as that of recent years.
Mr. Volcker was chairman of the Federal Reserve from 1979-1987.
Tracked by: 0 Boarder
That rebuilding will be the job of another day -- of a new administration here in the U.S., of finance ministries and central banks working together. It must draw upon the strength of the now chastened private sector. It will require more understanding of the risks embedded in so-called financial engineering and of the perverse compensation incentives that have exalted risk over prudence.
There is, and must be, recognition of the essential role that free and competitive financial markets play in a vigorous, innovative economic system. There needs to be understanding, in that context, that financial ups and downs -- and financial crises -- will be inevitable, even with responsible economic policies and sensible regulation. But never again should so much economic damage be risked by a financial structure so fragile, so overextended, so opaque as that of recent years.
Mr. Volcker was chairman of the Federal Reserve from 1979-1987.
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
We Have the Tools to Manage the Crisis
Now we need the leadership to use them.
Today, the financial crisis has reached a critical point. The sharp decline in the stock market and its volatility dramatically make the point. More important if less visible, the flow of credit through the banking system and the financial markets is seriously impaired -- even in part frozen.
For months, the real economy, apart from housing, had not been much affected by the developing crisis. Now, a full-scale recession appears unavoidable. Important state and local governments face deficits they may be unable to finance. Recessionary forces are apparent in other important countries and exchange rates are unstable.
Those are facts.
They are the culmination of economic imbalances, a succession of financial bubbles and financial crises that have been building for years. It`s no wonder that confidence in markets, banks, and financial management has been badly eroded. Without effective action, fear might take hold, threatening orderly recovery.
Fortunately, there is also good reason to believe that the means are now available to turn the tide. Financial authorities, in the United States and elsewhere, are now in a position to take needed and convincing action to stabilize markets and to restore trust.
First of all, there is now clear recognition that the problem is international, and international coordination and cooperation is both necessary and underway. The days of finger pointing and schadenfreude are over. The concerted reduction in central bank interest rates is one concrete manifestation of that fact.
More important in existing circumstances is the clear determination of our Treasury, of European finance ministries, and of central banks to support and defend the stability of major international banks. That approach extends to providing fresh capital to supplement private funds if necessary.
In the U.S., with higher limits of deposit insurance in place, the FDIC has demonstrated its ability to protect depositors, to arrange mergers, and to provide capital for troubled banks. Most other countries now have a comparable capacity.
Recent U.S. legislation has provided authority for large-scale direct intervention by the Treasury in the mortgage and other troubled markets. Along with increased purchases by Fannie Mae and Freddie Mac, now under government control, means of restoring needed liquidity are at hand.
Other key sectors of financial markets are now protected or supported by either the Treasury or Federal Reserve, specifically by temporary insurance of money-market funds and by direct purchase of commercial paper.
Active efforts are underway to develop stronger netting, clearing and settlement arrangements for certain derivatives, in particular the notional trillions of credit default swaps, the absence of which has contributed to uncertainty and large demands for scarce collateral.
None of that is easy. Some of it poses risks for the taxpayer. All of it is decidedly unattractive in the sense of large official intervention in what should be private markets able to stand on their own feet. Unattractive or not in normal circumstances, the point is the needed tools to restore and maintain functioning markets are there. Now is the time to use them. To that end, the immediate and critical need is determined, forceful and persistent leadership -- extending across administrations and Congresses. Both the public and private sectors must be involved.
The inevitable recession can be moderated. The groundwork can be laid for reconstructing the financial system and the regulatory and supervisory arrangements from the bottom up. The extraordinary interventions by the government (and taxpayer) should be ended as soon as reasonably feasible.
Tracked by: 0 Boarder
We Have the Tools to Manage the Crisis
Now we need the leadership to use them.
Today, the financial crisis has reached a critical point. The sharp decline in the stock market and its volatility dramatically make the point. More important if less visible, the flow of credit through the banking system and the financial markets is seriously impaired -- even in part frozen.
For months, the real economy, apart from housing, had not been much affected by the developing crisis. Now, a full-scale recession appears unavoidable. Important state and local governments face deficits they may be unable to finance. Recessionary forces are apparent in other important countries and exchange rates are unstable.
Those are facts.
They are the culmination of economic imbalances, a succession of financial bubbles and financial crises that have been building for years. It`s no wonder that confidence in markets, banks, and financial management has been badly eroded. Without effective action, fear might take hold, threatening orderly recovery.
Fortunately, there is also good reason to believe that the means are now available to turn the tide. Financial authorities, in the United States and elsewhere, are now in a position to take needed and convincing action to stabilize markets and to restore trust.
First of all, there is now clear recognition that the problem is international, and international coordination and cooperation is both necessary and underway. The days of finger pointing and schadenfreude are over. The concerted reduction in central bank interest rates is one concrete manifestation of that fact.
More important in existing circumstances is the clear determination of our Treasury, of European finance ministries, and of central banks to support and defend the stability of major international banks. That approach extends to providing fresh capital to supplement private funds if necessary.
In the U.S., with higher limits of deposit insurance in place, the FDIC has demonstrated its ability to protect depositors, to arrange mergers, and to provide capital for troubled banks. Most other countries now have a comparable capacity.
Recent U.S. legislation has provided authority for large-scale direct intervention by the Treasury in the mortgage and other troubled markets. Along with increased purchases by Fannie Mae and Freddie Mac, now under government control, means of restoring needed liquidity are at hand.
Other key sectors of financial markets are now protected or supported by either the Treasury or Federal Reserve, specifically by temporary insurance of money-market funds and by direct purchase of commercial paper.
Active efforts are underway to develop stronger netting, clearing and settlement arrangements for certain derivatives, in particular the notional trillions of credit default swaps, the absence of which has contributed to uncertainty and large demands for scarce collateral.
None of that is easy. Some of it poses risks for the taxpayer. All of it is decidedly unattractive in the sense of large official intervention in what should be private markets able to stand on their own feet. Unattractive or not in normal circumstances, the point is the needed tools to restore and maintain functioning markets are there. Now is the time to use them. To that end, the immediate and critical need is determined, forceful and persistent leadership -- extending across administrations and Congresses. Both the public and private sectors must be involved.
The inevitable recession can be moderated. The groundwork can be laid for reconstructing the financial system and the regulatory and supervisory arrangements from the bottom up. The extraordinary interventions by the government (and taxpayer) should be ended as soon as reasonably feasible.
...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
Panic sends Dow to its worst crash in 21 years
Tracked by: 110 Boarders
Hii lovemeall sir,
Yeah sir i understand you are busy with your work and puja i was all empty this week with school holidays and no work.
The stocks he took werent hammered much , he took 30 HDFC bank on 1011 that day and even today took additional 20 at 106 , his punj lyod he took at 207 bought 100 more today at 192 . Relcap fell heavily he didnt take it this time , waiting for more severe fall and he took adlabsfilm to avg out shares at a higher price of arnd 550.
Sir i never take delivery shares but dad is interested in ICICI bank ( too much rumour fall ) , Aban offshore ( after a long time gave green closing ) , Gujnrecoke ( His avg 1000 shares 85 now 31 he intends to take more ) and RIL.
Do give ur views sir and plz take your time.
I am to long with 3 ce of 3600 4500 and 1 3400 Pe bought it strategically took ce at opening bell and pe when sensex was just down 500 points. Let us see which way we go.
Thanks for your help.
...
In reply to:
WILL NIFTY HIT 3600 & SENSEX TOUCH 12000
Posted by : lovemeall26
Hello coolboy,
Sorry for replying to you so late. Have been busy with the puja`s and also chart analysis. Yes it is the right time to start investing but not in a hurry. Because now this bear market will give great opportunities to the buyers. Its a buyers choice market now. This can be better understood by the way the prices of the shares your father bought got even more hammered today on 10th oct. I too will be investing in the same stocks except for adhunik but at my choice of prices. Am waiting patiently for the markets to sink further.
Alas the decent pullback is just not happening and people are suffering margin money debit calls which is resulting in forecful selling for the big players. For the small traders, there will be one more massive pullback which should be used to get out of long positions. I hope you took heed from the warnings from my homepage in the right time.
take care
lovemeall26
Tracked by: 0 Boarder
Panic sends Dow to its worst crash in 21 years...
In reply to:
Astronomers witness start of SUPERNOVA
Posted by : sambala
London shares slump is worst for 21 years
London`s blue chip shares today slumped almost 9 per cent to cap their worst week since `Black Monday` in 1987.
The FTSE 100 index closed 8.85 per cent down on the day, down 381.7 at 3932.1, the index`s lowest level since May 2003, meaning that more than £250bn has been wiped off the the market values of Britain`s biggest firms
Black Friday in London came after Japan`s benchmark Nikkei 225 index shed more than 10 per cent.
And this afternoon in New York the Dow Jones Industrial Average, which yesterday closed below 9000 for the first time since 2003, swung sharply on opening today - falling more than 600 points in the first few minutes of trading but easing back to a 335 point fall to 8243 at around 5pm London time.
London`s share falls today follow FTSE 100 plunges of 8 per cent on Monday, 5 per cent on Tuesday and 1 per cent yesterday - and means the index has dived a 21 per cent this week alone.
Today`s bloodbath came amid mounting fears over a deep economic downturn and further uncertainty for the battered banking sector. More heavy falls for New York`s Dow Jones Industrial Average following yesterday`s 7.3 per cent slump also aggravated the trading woes in London.
Banks dominated the Footsie`s numerous fallers amid few signs that the Government`s huge bail-out announced on Wednesday was having any impact.
Royal Bank of Scotland plunged 25 per cent, or 24.3p to 71.7p, with Halifax Bank of Scotland not far behind, down 19 per cent, or 29.3p to 124.2p.
Barclays was 14 per cent lower, or 34.25p to 207.5p as it said it was considering a number of capital raising options in light of the UK government`s £25 billion industry-wide recapitalisation offer.
A number of other financial stocks were lower amid the recession fears.
Insurance and savings giants Legal & General and Prudential were big casualties amid fears for the sector`s solvency position. The shares were off 14.3p to 74.7p and 44.25p to 378.25p respectively.
Car insurance group Admiral was among the fallers, despite reporting strong trading for the quarter to the end of September. Shares were down 2 per cent or 19.5p to 880p, with analysts noting continued pressure on margins and growth at the company`s Confused. com comparison website.
Meanwhile, the prospect of weaker economic growth meant miners were under heavy selling pressure, with Rio Tinto down 326p at 2424p and Xstrata off 164p at 1223p. Among other heavy fallers, BT Group slid 17.2p to 136.1p.
Retailers were also joining the slide, with Marks & Spencer down 8.75p to 218p, fashion chain Next 37.5p lower at 947.5p and B&Q owner Kingfisher 9.5p cheaper at 120.1p.
Even with oil prices falling towards the 80 dollar a mark, fuel-hungry British Airways was a big loser, down 12 per cent or 15.1p to 109.9p as investors fretted over the company`s trading outlook.
Just one blue chip was in positive territory, media group Thomson Reuters which edged up 1p to 1101p.
The picture was a bit better in the FTSE 250 Index, with heavily-sold broadcaster ITV adding 1.5p to 37.5p amid speculation the current woes could lead to mergers within the industry.
Britain`s biggest pub chain Punch Taverns also added 0.25p to 161.25p after rumours that the collapse of Icelandic Kaupthing had removed a short-seller from the market. But housebuilder Barratt Developments was among the firms in the red, down 8.5p to 83.25p.
The Footsie`s sole riser was Thomson Reuters, up 1p to 1101p.
The four biggest fallers were Schroders, down 229 to 680p, Royal Bank of Scotland down 24.3p to 71.7p, HBOS down 29.3p to 124.2p and 3i Group, which closed down 97p at 500.5p.
Tracked by: 0 Boarder
i lost 5lac+ in 1 wk. what should i do?...
In reply to:
Has your confidence in equities been shattered?
Posted by : MMB Messenger
Dear Boarders,Do let us know your views and opinions on the poll.-MMB Messenger
