Markets slide into red as trading slumps

The FTSE 100 tumbled further into the red on another ugly day for the global markets.

London’s top flight closed 44.9 points lower at 7,077.64 at the end of trading yesterday.

The FTSE had been as much as 120 points down in the afternoon, but made back a substantial part of its losses as trading sentiment steadily improved across Europe.

Nevertheless, the slump added to a disappointing week which has seen London-listed stocks particularly impacted by fears of a global economic slowdown.

The European markets were slightly more mixed, although the key German index dived lower under heavy selling pressure.

The German Dax decreased by 2.76% while the French Cac moved 0.3% higher.

The Dow Jones opened lower on the back of global economic concerns but moved into the black later in the day.

Sterling benefited from weakness in both the euro and dollar despite concerns over efforts to secure a Brexit deal.

The pound was 0.72% up versus the US dollar at 1.238, and up 0.43% against the euro at 1.126.

The price of a barrel of Brent crude oil slumped by 20.33% to 57.32 US dollars.

The biggest risers on the FTSE 100 were London Stock Exchange, up 160p at 7,168p, Ferguson, up 126p at 6,278p, Diageo, up 60.5p at 3,279p, and Associated British Foods, up 35p at 2,195p.

The biggest fallers were DS Smith, down 19.7p at 325.2p, Evraz, down 16.6p at 422.1p, British American Tobacco, down 108p at 2,789p, and Kingfisher, down 6.9p at 189.05p.