UK Market FTSE outlook 11 2012

UK Market FTSE outlook 11 2012 : UK markets finished lower yesterday, led by sharp declines in commodity and banking sector stocks, amid downbeat economic news from the US and Europe renewing concerns over the Euro-zone debt situation. Vedanta Resources retreated 6.5%, after the company reported an 11.0% decrease in its iron-ore production and a 21.0% decline in its iron-ore sales in the fourth quarter. Peers, Kazakhmys, Antofagasta and ENRC dropped between 4.5% and 5.9%, led by declines in metal prices.

Petrofac lost 5.4%, after a broker downgraded its rating on the stock to Hold from Buy. Other energy stocks, Tullow Oil and BG Group fell 4.3% and 3.6%, respectively, as crude oil prices traded lower. Banks, Barclays and Lloyds Banking Group declined 5.9% and 5.0%, respectively, amid lower risk appetite amongst investors. The FTSE 100 shed 2.2% to close at 5,595.6, while the FTSE 250 fell 2.1% to settle at 11,136.2.

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