FTSE 100 CLOSE: Blue chips outshined by FTSE 250
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Weak economic data from the eurozone and China have weighed on the FTSE 100 today, although the market’s mid-caps managed to enjoy a boost.
The blue-chip index ended the session 11.65 points down at 5,916.55, lead by declines in resources stocks and financials. The FTSE 250, on the other hand, was up 69.69 points at 11,449.23.
Earlier in the day, Markit’s purchasing managers’ indices for the eurozone and China suggested activity in both regions contracted during February. This adds to concerns that the eurozone is heading for recession and the Chinese economy is slowing.
In addition, investors have one eye on the bailout agreement Greece has reached with the international community. Fitch Ratings downgraded the country to just above default level, warning that it considers a Greek default “highly likely in the near term”.
Mining company Vedanta was the FTSE 100’s biggest faller, slipping 5.02% to 1,380p after the company confirmed that its restructuring project will be confined to its Indian business and not include its African operations
Steel manufacturer Evraz followed, easing 3.8% to 397p, while Barclays fell 3.45% to 239.20p. Hargreaves Lansdown dropped 3.43% to 465p and Royal Bank of Scotland ended the day at 27.33p after declining 3.12%.
The day’s strongest gainers were consumer packaging company Rexam, business process outsourcer Capita, engineering group Meggitt, natural gas firm BG and engineer Smith Group.
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