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European equities collapse as banks surrender: Royal Dutch Shell was 6.3 per cent weaker at £13.23

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By Michael Hunter

Published: October 10 2008 08:23 | Last updated: October 10 2008 08:38

Extracts from article

European equities collapsed on Friday, left vulnerable after a dramatic late sell-off in New York extended the sustained losing streak on world stock markets.

Banking stocks once more faced heavy selling as confidence in the international financial system continued to drain away, taking leading indices to fresh five-year lows.

London’s FTSE 100 sank 429 points to 3,884.6, a loss of 10 per cent taking it to levels last seen in May 2003. The benchmark index gave up 53 points over the previous session in an afternoon surrender which wiped out an attempt at a recovery. Before the start of trade on Friday, the London index stood 666½ points lower on the week, a loss over four consecutive sessions of 13.4 per cent.

Resource stocks also came under sustained pressure on fears about the implications of the crisis for the global economic growth rates that drive demand for metals and oil. Cairn Energy lost 10.8 per cent to £14.38 whilst Tullow Oilwas 9.8 per cent weaker at 474p. Xstrata fell 11.3 per cent to £12.30 and ENRCgave up 9.1 per cent to 475p. BP lost 7.3 per cent to 381p and Royal Dutch Shell was 6.3 per cent weaker at £13.23.

Copyright The Financial Times Limited 2008

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