Stock market live Sept 26: Domino’s Pizza plunges 5.4%, BAE Systems drops 1.7%

Written on:September 26, 2012
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Stock market

UK stocks drop as US Fed President shows no optimism with new bond buying round

The UK stock market tanked 59.27 points, or 1%, to 5,800.44 at 10:13 am in London this morning, the lowest since September 13, after Federal Reserve Bank of Philadelphia’s President Charles Plosser announced that a third round of bond buying may not inspire growth or hiring in the US.

The UK stock index managed to rally 10% from this year’s low on June 1 as European Central Bank President Mario Draghi promised to protect the euro and the Fed unveiled further asset purchases.

Fall in copper prices pulled down mining companies Rio Tinto Group and BHP Billiton Ltd. BHP Billiton, the world’s largest mining company, gave up 1.5% to 1,924 pence. Rio Tinto, the third-largest, slid 2.4% to 2,870 pence. Anglo American Plc dropped 2.8% to 1,848 pence.

Barclays Plc and Lloyds Banking Group Plc plunged more than 1.5%. ICAP Plc dropped 4.1% after a revenue decline forecast. Waste-management company Shanks Group Plc tanked the most in two and a half years, after it announced that earnings will not match the estimates.

Domino’s Pizza Group dropped 5.4% to 532.5 pence, to its lowest in six months as Numis Corp. downgraded the shares. Imagination Technologies Group Plc, a UK-based designer of parts for Apple Inc.’s iPhone, dived 8.9% to 474 pence, the lowest price in two months, due to a Reuters report which said that Texas Instruments Inc. will move focus of its wireless investment away from smartphones.

BAE Systems Plc fell 1.7% to 322.5 pence after a German lawmaker questioned the company’s proposed merger with European Aeronautic, Defence & Space Co.(EADS). It emerged that EADS CEO Tom Enders was unclear in communicating the benefits of the takeover when addressing a parliamentary hearing in Berlin to discuss the deal.

Related:
Stock market live Sept 25: Diageo gains 1.7%, Xstrata loses 1.9%
Stock market live Sept 24: Glencore drops 2.2%, QinetiQ surges 4.8%

     

2 Comments add one

  1. Terry says:

    Such a dismal performance today

  2. Ivan says:

    Bad day, lost all money

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