FTSE falls again as fears over economy continue
BRITAIN’S top shares slid for a second day as worries over weak economic data drove investors from risky assets ahead of Friday’s US non-farm payroll numbers.
The FTSE 100 closed down 80.69 points, or 1.4 per cent, at 5,847.92, with volume 93 per cent of its 90-day average.
The index fell one per cent in the previous session when a weak US ADP Employer services report and US manufacturing data raised doubts about the pace of economic recovery. US non-farm payrolls will provide more clues about prospects for economic growth.
Risk-sensitive mining and energy stocks fell, adding to their decline from the previous session, and took most points off the index.
Kingfisher, Europe’s biggest home improvements retailer fell one per cent after it said the second-quarter would probably be more challenging. Analysts suggested investors should take profits. On the upside, Serco rose 4.4 per cent after Credit Suisse upgraded its target price for the outsourcing group to 720p from 670p and increased its earnings estimates following its acquisition of Intelenet.