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Posts from ‘July, 2002’ site: European bourses close at multi-year lows

By Philip Stafford, FT Investor, site
Published: Jul 15, 2002

European markets tumbled to fresh five year lows by the close on Monday, with weakness in banks and oil stocks leading a decline which went deeper than the sharp falls also unfolding on Wall Street.

The pan-European FTSE Eurotop 100 was 5.8 per cent lower at 2,067.93 hitting fresh five-year lows. Markets weakened at the same time the dollar weakened against the euro, with the two currencies reaching parity for the first time in two years.

read more site: FTSE down as oil losses offset telecoms gains

By Vince Heaney, FT Investor, site
Published: Jul 15, 2002

London’s stocks renewed their slide in afternoon trade on Monday. The banking sector joined oils and drugs in the red and a mid-session recovery in telecoms proved short-lived.

Shell was under pressure on accounting concerns, while selected drug moved lower as investors worried about the prospect of further expensive acquisitions after Pfizer confirmed it was to buy rival Pharmacia in a $60bn all-stock deal.

The FTSE 100 traded 1.5 per cent weaker at 4,159.1 and the FTSE Techmark was 1.4 per cent weaker at 773.2.

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